The Central Bank of Nigeria (CBN) has announced a remarkable surge in remittance inflows, reaching $553 million in July 2024—an impressive 130% increase compared to the same period in 2023.
Hakama Sidi Ali, Acting Director of the CBN’s Corporate Communications Department, revealed that this figure marks the highest monthly total ever recorded.
The increase highlights the effectiveness of the CBN’s ongoing efforts to improve liquidity in Nigeria’s foreign exchange market.
Ali attributed the substantial rise in remittances to several CBN policy measures designed to enhance market liquidity.
These include issuing licenses to new International Money Transfer Operators (IMTOs), adopting a willing buyer-willing seller model, and ensuring prompt access to Naira liquidity for IMTOs.
Diaspora remittances play a vital role in Nigeria’s foreign exchange, complementing foreign direct investment and portfolio investments.
The CBN’s initiatives aim to double formal remittance receipts within a year, reflecting the institution’s commitment to bolstering public confidence in the foreign exchange market and supporting economic stability.
Recent data from the National Bureau of Statistics (NBS) indicates a slowdown in Nigeria’s year-on-year headline inflation rate in July 2024, the first decrease in 19 months.
This development suggests that the CBN’s monetary policy tightening measures are having a positive impact.
Ali emphasised that the CBN will continue to monitor market conditions and adjust policies as needed to facilitate increased remittance flows into Nigeria.
“The Bank remains focused on maintaining stability in the foreign exchange market and will keep refining its strategies to ensure continued growth in remittances,” Ali added.
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