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The Central Bank of Nigeria has revealed that the net foreign exchange flows into the country increased to $25.4bn in the first six months of 2024, marking a 55 per cent increase from the figure recorded year-over-year.
This new development comes against the backdrop of its $876m auction to 26 banks to resolve unmet FX demands.
A statement from the apex bank on Thursday 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 CBN further noted that over $305m of foreign exchange has been sold to authorized dealers in the last three weeks through a two-way quote system, which has been deployed over the past few months to enhance liquidity in the interbank market.
Venezuelan President Nicolás Maduro has signed a decree blocking access to social media platform X, formerly Twitter, for 10 days following a public spat with owner Elon Musk on Thursday. The two men have traded barbs since Maduro was declared the winner of last month's disputed presidential election. Musk described the Venezuelan leader as a "dictator" and a "clown", while Maduro has accused Musk of inciting "hatred, fascism, and civil […]
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