Remittance inflows have increased significantly, according to the Central Bank of Nigeria (CBN), hitting $553 million in July 2024, a 130% increase from the same period in 2023.
The amount was the biggest monthly total inflows on record, according to a statement released on Tuesday by Hakama Sidi Ali, Ag. Director, Corporate Communications at Apex Bank. It also reflected ongoing efforts by the CBN to improve liquidity in Nigeria’s foreign exchange market.
These actions included establishing a willing buyer-willing seller arrangement, licensing new International Money Transfer Operators (IMTOs), and providing IMTOs with prompt access to naira liquidity.
Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.
According to the CBN, these inflows have continued to rise as a result of its activities, which are in line with the organization’s goal of doubling official remittance receipts in a year.
The CBN’s continuous efforts to enhance public confidence in the foreign exchange market, build a strong and inclusive banking system, and promote price stability, all crucial for long-term economic growth—have been successful, as evidenced by the rise in remittances, the statement continued.
