The Central Bank of Nigeria (CBN) on Tuesday announced a surge in remittance inflows, totaling $553 million for the month of July 2024.
This, according to a statement by the CBN Acting Director of Corporate Communications, Hakama Sidi Ali marks a substantial 130% increase compared to the same period in 2023.
According to Ali, this is the highest monthly remittance inflows that the CBN ever recorded in the history of the Apex Bank.
“The Central Bank of Nigeria (CBN) has reported a significant increase in remittance inflows, reaching $553 million in July 2024, a 130 per cent increase from the corresponding period in 2023,” the statement read.
“This figure represents the highest monthly total inflows on record and reflects ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market.
“The substantial growth in remittance receipts is attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.
“These measures include granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller model, and enabling timely access to naira liquidity for IMTOs.
“Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.
“The CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year.”
