BREAKING NEWS
Nigeria’s capital inflow more than doubles to $6bn in first half of year
Foreign capital inflow into Nigeria more than doubled to $6 billion in the first half of 2024 from last year as portfolio investors returned after the west African nation eased currency controls, official data showed on Tuesday.
The National Bureau of Statistics (NBS) said inflows rose to $5.98 billion between January and June this year, up from $2.16 billion during the same period in 2023. The United Kingdom and Netherlands were the biggest sources of capital, with portfolio investors piling into the country’s banking sector.
Nigeria’s central bank has allowed the naira currency to freely trade in a bid to boost forex inflows as part of President Bola Tinubu’s reforms, which also included slashing petrol and electricity subsidies. The bank plans to automate foreign currency trades from December to enhance transparency and remove market distortions.
The central bank has hiked interest rates five times this year to head off inflation and attract portfolio investors hungry for yields. The Reuters Daily Briefing newsletter provides all the news you need to start your day.
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