The Central Bank of Nigeria,(CBN) announced a record-breaking $553 million in remittance inflows for July 2024, marking a 130% increase from the same period in 2023.
This figure represents the highest monthly total ever recorded, according to Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN.
Sidi Ali attributed this substantial growth to several policy measures aimed at improving liquidity in the foreign exchange market. “Our new policies, including granting licenses to additional International Money Transfer Operators (IMTOs) and implementing a willing buyer-willing seller model, have significantly boosted remittance inflows,” Sidi Ali stated.
These measures are part of the CBN’s broader strategy to double formal remittance receipts within a year and enhance the stability of the foreign exchange market.
Sidi Ali emphasised the importance of diaspora remittances as a crucial source of foreign exchange, complementing foreign direct investment and portfolio investments.
The increase in remittances also aligns with recent data from the National Bureau of Statistics (NBS), which shows a slowdown in Nigeria’s headline inflation rate for the first time in 19 months. This suggests that the CBN’s monetary policy tightening measures are having a positive effect.
“The successful implementation of our policies reflects our commitment to strengthening public confidence in the foreign exchange market and promoting price stability,” Sidi Ali added.
