The Central Bank of Nigeria (CBN) has announced a substantial rise in remittance inflows, which reached $553 million in July 2024, marking a 130 percent increase compared to the same period in 2023.
In a statement released on Tuesday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the CBN highlighted that this figure represents the highest monthly inflows on record. This increase is attributed to the bank’s ongoing efforts to boost liquidity in Nigeria’s foreign exchange market.
The significant growth in remittance receipts is largely due to policy measures implemented by the CBN to enhance market liquidity. These measures include licensing new International Money Transfer Operators (IMTOs), adopting a willing buyer-willing seller model, and ensuring timely access to naira liquidity for IMTOs.
Diaspora remittances play a vital role in providing foreign exchange for Nigeria, complementing both foreign direct investment and portfolio investments.
“The CBN anticipates that these measures will contribute to achieving its broader objective of maintaining stability in the foreign exchange market. The Bank will continue to monitor market conditions and adjust policies as necessary to enable greater remittance flows into Nigeria,’ the statement added.