CBN Governor, Cardoso, Confirms Nigeria Witnessed $1.8bn FX Inflow as FG Secures $30bn Investment

• The governor of the Central Bank of Nigeria (CBN) confirmed that Nigeria received $1.8 billion in forex inflows
• He said the move was to boost the performance of the naira against the US dollar
• Former Vice President Atiku Abubakar lambasted Tinubu’s economic policies, saying the FX reforms were done in a hurry

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Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), revealed on Sunday, February 18, 2024, that despite the dire economic conditions in Nigeria’s economy, there is still a bright and positive outlook, especially as the country saw forex inflow of $1.8 billion.

Cardoso disclosed at the opening of the plenary session of the Catholic Bishops Conference of Nigeria (CBCN) in Abuja that with the policy reforms being implemented by the Nigerian government, there was some hope.

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Nigeria gets a boost of $1.8bn FX inflow

He stated that Nigeria received an inflow of about $1.8 billion in the second week of February 2024.

The CBN boss maintained that the positive outlook had been confirmed by several economic ratings agencies, such as the International Monetary Fund (IMF) and Fitch Ratings.

He said that the national monetary policy meeting would be convened this week to decide on how to deepen the economic reforms further and make them more result-oriented.

Cardoso said:

“Recently, as a result of some of the particular reforms that the central bank came in with, over the last week, $1.8 billion came into the market.

The apex bank helmsman revealed that Nigeria currently needs to take measures to actualise the vision of becoming a producing nation, stating that a lot of money has been pumped into the economy via Ways and Means Advances, which contributed to inflation in the country.

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Cardoso says the economy is recovering

ThisDay reports that the CBN governor said Nigeria’s economy was recovering, adding that several credit rating agencies have affirmed that.

Cardoso’s statement comes as Nigeria’s currency has been on the decline following a devaluation and scarcity of Forex.

Cardoso has confirmed on several occasions that the country has received a boost as FX inflows continue.

Atikuu attacks Tinubu's FX reforms

The naira has lost about 57 per cent of its value, crashing to the lowest in the official market and over N1,600 in the parallel market.

Experts have canvassed increased non-oil exports as a way to earn more Forex and shore up the country’s foreign reserve.

Former vice president, Atiku Abubakar, has said that Nigeria’s FX reforms were hurriedly done, leading to the massive crash of the naira.

The former vice president said that Tinubu had told Nigerians and experts who have been telling him what to do to resolve the crisis that he and his team should not be distracted and be allowed to continue with their policies that have brought untold hardship to Nigerians.

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FG announces $30bn investment commitments from investors

Legit.ng reported that the minister of Industry, Trade, and Investment, Doris Uzoka-Anite, had said that several international and domestic investors pledged to invest over $30 billion in the Nigerian economy.

Uzoka-Anite disclosed this on Friday, February 16, 2024, during a press briefing organised by the Ministry of Information and National Orientation, noting that the investments were already underway but did not disclose the beneficiary sectors.

“The Federal Government has secured an investment commitment of $30bn since we came into power eight months ago. It means the investors will bring in the money or a promise to bring in the investment. So, the money, investment, proposal, and everything else is done."

Source: Legit.ng