The Central Bank of Nigeria (CBN) on Tuesday announced an unprecedented surge in remittance inflows, reaching $553 million in July 2024—a 130% increase compared to the same period in 2023.
A statement by the regulatory bank’s spokesperson, Hakama Sidi-Ali said this figure marked the highest monthly remittance inflow on record and underscores the effectiveness of the CBN’s recent policy measures aimed at boosting liquidity in Nigeria’s foreign exchange market.
The remarkable growth in remittance receipts, the statement noted, could be attributed to several strategic initiatives implemented by the CBN.
These include the issuance of new licenses to International Money Transfer Operators (IMTOs), the adoption of a willing buyer-willing seller exchange rate model, and improved access to naira liquidity for IMTOs.
These actions have significantly enhanced the efficiency of the remittance process, making it easier and more attractive for Nigerians abroad to send money home.
Diaspora remittances have long been a vital source of foreign exchange for Nigeria, complementing both foreign direct investment and portfolio investments.
The CBN’s targeted efforts have not only bolstered remittance inflows but also align with the bank’s broader objective of doubling formal remittance receipts within a year, the statement noted.
This surge in inflows is seen as a positive indicator of the CBN’s success in restoring confidence in Nigeria’s foreign exchange market, reinforcing a stable and inclusive banking system, and maintaining price stability—a key factor for sustained economic growth.
Further supporting the positive economic outlook, recent data from the National Bureau of Statistics (NBS) showed that Nigeria’s year-on-year headline inflation rate declined in July 2024, marking the first decrease in nineteen months.
This suggests that the CBN’s monetary tightening policies are starting to yield results.
The spokesperson stated that CBN remains optimistic that its ongoing policy measures will continue to stabilize the foreign exchange market and foster greater remittance flows into the country.
She said that the Bank has committed to closely monitoring market conditions and making necessary adjustments to ensure the continued growth of Nigeria’s remittance inflows and overall economic stability.
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