• Wednesday, July 24, 2024
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Investors now confident in our market — CBN

CBN injects $106.5m into forex market amid demand surge

Olayemi Cardoso, Nigeria’s Central Bank governor, has said investors now consider the country as market attractive, with more investments flowing into it.

Cardoso made this known at the 15th edition of BusinessDay’s CEO Forum titled ‘Leadership at Tough Economic Times’ on Thursday in Lagos. “We believe that stakeholders are becoming more comfortable with the market. We see portfolio investors come in left and come in again,” the central bank chief said.

Read also: Whatever CBN does must impact person on the street Cardoso

He noted that the market is witnessing relative calmness through various reforms deployed by the apex monetary policy.

Cardoso’s revelation is corroborated by the latest capital importation report released by the National Bureau of Statistics, which showed that foreign investments in Nigeria rose to $3.38 billion in the first quarter of 2024.

This is an increase of 210.2 percent from the $1.09 billion reported in the previous quarter. Year-on-year, foreign capital inflows rose by 198.1 percent from $1.13 billion recorded in Q1 of 2023.