The Central Bank of Nigeria (CBN) has reported a historic increase in remittance inflows, with an all-time high of $553 million expected in July 2024, according to a statement issued on Tuesday by the Director of Corporate Communications, Hakama Sidi Ali.
This statistic represents a 130% increase over the same period in 2023, demonstrating the efficacy of recent policy initiatives aimed at improving liquidity in Nigeria’s foreign exchange market.
According to the statement, the remarkable growth in remittance receipts is largely attributed to “policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market,” which include “granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller model, and enabling timely access to naira liquidity for IMTOs.”
These initiatives have not only increased remittance inflows but also helped the CBN achieve its target of doubling formal remittance receipts within a year, according to the statement.
The statement further emphasized that diaspora remittances continue to be an important source of foreign money for
