The Central Bank of Nigeria (CBN) has reported a notable rise in remittance inflows, reaching $553 million in July 2024. This marks a 130 percent increase compared to the same period in 2023.
According to a statement from Hakama Ali, the acting Director of Corporate Communications at the CBN, this figure represents the highest monthly total inflows ever recorded. It highlights the CBN’s ongoing efforts to boost liquidity in Nigeria’s foreign exchange market.
The statement explained that this significant increase is due to recent CBN policy measures aimed at improving liquidity. These measures include granting licenses to new International Money Transfer Operators, implementing a willing buyer-willing seller model, and facilitating timely access to naira liquidity for IMTOs. Diaspora remittances have become a vital source of foreign exchange for Nigeria, complementing foreign direct investment and portfolio investments.
The CBN’s initiatives are designed to support the growth of remittance inflows and align with its goal of doubling formal remittance receipts within a year. The rise in remittances also reflects the success of the CBN’s efforts to build public confidence in the foreign exchange market, strengthen the banking system, and ensure price stability for sustainable economic growth.
Recent data from the National Bureau of Statistics shows a slowdown in Nigeria’s year-on-year headline inflation rate in July 2024, the first such decrease in 19 months. The CBN views this as evidence that its monetary policy tightening measures are effective.
The CBN expects these measures to further stabilize the foreign exchange market and will continue to adjust policies as needed to enhance remittance flows into Nigeria.
 has reported a notable rise in remittance inflows, reaching $553 million in July 2024. This marks a 130 percent increase compared to the same period in 2023.){kind=link}