• Contact Us
  • About Us
Monday, August 25, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Agriculture

Net FX Flows Hit $25.4bn In Six Months -CBN

metro by metro
August 8, 2024
in Agriculture, Economy
0
CBN
0
SHARES
0
VIEWS

 

 

Read Also

Mixed Reactions Trail FG’s Medium-Term Debt Strategy, Analysts List Path To Sustainable Development

Hope Rises For Nigeria’s Currency As Dollar Drops On Powell’s Points To Possible September Rate Cut

Commendations As CBN Plans Prosecution Of FX Deal Violators After Audit

The Central Bank of Nigeria in its ongoing commitment to support the proper functioning of the foreign exchange market by enhancing liquidity when necessary, has revealed that the net foreign exchange flows into the country increased to $25.4bn in the first six months of 2024.

A statement by the apex bank on Thursday said the increase marks a 55 per cent increase from the figure recorded year-over-year.

It also noted that this growth has been fueled by a rise in capital importation, which reached $6bn in June 2024, and record inflows from diaspora remittances through formal channels.

The new development comes against the backdrop of its $876m auction to 26 banks to resolve unmet FX demands.

The statement reads, “In the latest testament to the Central Bank of Nigeria’s (CBN) ongoing commitment to support the proper functioning of the foreign exchange market by enhancing liquidity when necessary, the apex bank offered $876m to fulfil bids submitted by customers at an auction concluded on Wednesday, August 7, 2024.

“In line with its pledge to provide transparent access to foreign exchange for all legitimate customers, the CBN’s leadership has introduced an additional mechanism through the Retail Dutch Auction System (RDAS) to directly facilitate FX sales to end users.

“This approach aims to foster a more transparent market, reducing information asymmetry and supporting price discovery. It complements the two-way quote system deployed over the past few months to enhance liquidity in the interbank market, through which over $305 million of foreign exchange has been sold to authorised dealers in the last three weeks.

“The CBN’s policy objectives are yielding tangible results and bolstering market confidence. Net foreign exchange flows rose to $25.4 billion between January and June, marking a 55% year-over-year increase. This growth has been driven by a rise in capital importation, which reached $6 billion in June 2024, and record inflows from diaspora remittances through formal channels.

“The foreign exchange market is also showing signs of improvement and increased depth, with more robust and diversified sources of liquidity contributing to the sustained convergence of exchange rates across all segments of the market. The official market recorded a turnover of $43 billion in customer transactions by the end of July 2024, with CBN-supplied liquidity representing less than 5% of total market activities.

ALSO READ:Why Oil Marketers Can’t Import Petro Like NNPCL-IPMAN

“The CBN remains steadfast in its commitment to fostering a transparent, market-driven foreign exchange market, and it will continue to strengthen the market’s capacity to meet the needs of all legitimate participants.”

Previous Post

Why Oil Marketers Can’t Import Petro Like NNPCL-IPMAN

Next Post

WHO Allocates $1mn To Mpox In Africa, Plans For More Support

Related Posts

FG To Start Paying Debt Service As Nigerian Economy Grows By 2.99% In Q1 2024-Edun
Economy

Mixed Reactions Trail FG’s Medium-Term Debt Strategy, Analysts List Path To Sustainable Development

August 25, 2025
Nigeria’s Banking Recapitalization: A ‘Too Big To Fail’ Scenario In The Making?”
Economy

Hope Rises For Nigeria’s Currency As Dollar Drops On Powell’s Points To Possible September Rate Cut

August 22, 2025
Uneasy Calm In Banking Industry Over FG Special Investigator’s Report
Economy

Commendations As CBN Plans Prosecution Of FX Deal Violators After Audit

August 7, 2025
Global Shares In Red After US Jobs Data, Trump’s Tariff Salvo
Economy

Global Shares In Red After US Jobs Data, Trump’s Tariff Salvo

August 1, 2025
Next Post
WHO

WHO Allocates $1mn To Mpox In Africa, Plans For More Support

PDP  Commences Expanded Caucus Meeting At Wadata After Police Blockage 

PDP Zones Presidential Tocket To South, Reaffirms Damagum As Acting Chairman

August 25, 2025

Call for Exhibition Opens for 6th All-Africa IP Summit 2025 in Dakar, Senegal

August 25, 2025
GEJ’s 2027 Presidential Campaign Posters Flood Abuja As PDP Holds NEC Meeting 

GEJ’s 2027 Presidential Campaign Posters Flood Abuja As PDP Holds NEC Meeting 

August 25, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version