Foreign investors, diaspora Nigerians pour billion dollars, raise overseas remittances to $1.3bn in February

Foreign investor demand for Nigerian assets and money sent home by citizens living abroad surged last month as reforms instituted by President Bola Tinubu’s administration started paying off.

Bloomberg reports that foreign portfolio investor asset purchases exceeded $1 billion in February, bringing total receipts so far this year to at least $2.3 billion.

Hakama Sidi Ali, a spokeswoman for the Central Bank of Nigeria, said in an emailed statement that compared with $3.9 billion for the whole of 2023. Overseas remittances rose more than fourfold to $1.3 billion in February from a month earlier.

.Bloomberg.com