The Central Bank of Nigeria (CBN) has reported a significant increase in remittance inflows, reaching $553m in July 2024, a 130 per cent increase from the corresponding period in 2023.
A statement by the Apex bank’s Director, Corporate Communications, Hakama Sidi Ali, said the figure represented 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 was attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.
These measures included granting licenses to new International Money Transfer Operators, implementing a willing buyer-willing seller model, and enabling timely access to naira liquidity for International Money Transfer Operators.Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.
The CBN said its initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year.
