The Central Bank of Nigeria (CBN) has announced a substantial rise in remittance inflows, which reached $553 million in July 2024. This represents a 130 percent increase compared to the same period in 2023.
A statement by the Apex bank’s Ag. Director, Corporate Communications, Hakama Sidi Ali on Tuesday, said the figure represented the highest monthly total inflows on record, and reflects ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market.
The substantial growth in remittance receipts was attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.
These measures included 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.
Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.
A statement by the Apex bank’s Ag. Director, Corporate Communications, Hakama Sidi Ali on Tuesday, said the figure represented the highest monthly total inflows on record, and reflects ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market.
The substantial growth in remittance receipts was attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.
These measures included 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.
Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.
