A New Record Soars in CBN as Nigeria’s Remittance Inflows Hit $553 Million
Oru Leonard
The Central Bank of Nigeria (CBN) has reported a significant increase in remittance inflows, reaching $553 million in July 2024, a 130 per cent increase from the corresponding period in 2023.
A statement signed by the Ag. Director, Corporate Communications, Mrs Hakama Sidi Ali, the figure represents the highest monthly total inflows on record and reflects ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market.
She noted that the substantial growth in remittance receipts is attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market. These measures
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.
According to Hakan, the CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of
doubling formal remittance receipts within a year.
“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.”
She disclosed that Recent data from the National Bureau of Statistics (NBS) revealed that Nigeria’s year-on year headline inflation rate slowed in July 2024, for the first time in 19 months – a clear indication that the CBN’s monetary policy tightening measures are delivering results.
“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”, she concluded.
The record-breaking remittance inflows have instilled hope and optimism, paving the way for a brighter financial future.
Photo Credit: Techeconomy
