Nigeria Sees 70% Surge in Foreign Capital Inflows to $20.98 Billion in October

In October, Nigeria experienced a significant rise in foreign capital inflows to $20.98 billion, marking a 70% increase from the previous year. Olayemi Cardoso of the Central Bank of Nigeria disclosed this at the Charter Institute of Bankers of Nigeria's 60th annual banker dinner in Lagos.

The surge in inflows reflects growing investor confidence driven by structural reforms and transparency in the foreign exchange market. Nigeria's exit from the FATF grey list is seen as a significant achievement, reducing the country's compliance costs and attracting potential investments.

The recent monetary reforms have also helped stabilize inflationary pressures and exchange rates, further boosting investor confidence.