The Central Bank of Nigeria (CBN) has reported a surge in remittance inflows, with a record $553 million entering the country in July 2024.
This milestone was disclosed in a statement by the CBN’s Director of Corporate Communications, Mrs. Hakama Sidi Ali, represents a 130 percent increase compared to the same period in 2023.
The CBN attributed this remarkable growth to recent policy measures designed to enhance liquidity in Nigeria’s foreign exchange market. Key among these initiatives were the granting of licenses to new international money transfer operators (IMTOs), the adoption of a willing buyer-willing seller model, and the facilitation of timely access to naira liquidity for IMTOs.
“These efforts have not only bolstered remittance inflows but have also supported the CBN’s goal of doubling formal remittance receipts within a year,” the statement noted.
Diaspora remittances continue to play a crucial role in Nigeria’s economy, serving as a vital source of foreign exchange that complements foreign direct investment and portfolio investments. The CBN emphasised that its initiatives have strengthened public confidence in the foreign exchange market, bolstered the banking system, and promoted price stability—all essential components of sustainable economic growth.
The unprecedented remittance inflows and improving inflation rates underscore the effectiveness of the CBN’s policies in stabilising Nigeria’s economy and strengthening its financial markets.
