For the month of July 2024, the remittance inflows reached $553m as announced by the Central Bank of Nigeria.
It said the amount is a 130 percent increase from the corresponding period in 2023.
The Acting Director of Corporate Communications, Sidi Ali in a recent statement said the figure represented the highest monthly total inflows on record and reflects ongoing efforts by CBN to enhance liquidity in Nigeria’s foreign exchange market.
The statement read, “The 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. This figure represents the highest monthly total inflows on record and reflects ongoing efforts by 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.
Given the report, it is clear that diaspora remittances have remained a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.
It said, “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 IMTOs.”
Sidi said that the increase in remittances is a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.
