CBN remittance inflows hits $553m in July
The Central Bank of Nigeria announced a 130% increase in remittance inflows, which will reach $553 million in July 2024.This figure represents the highest monthly remittance inflows ever recorded, with a significant increase over the same period in 2023.
This was revealed in a statement signed by the Acting Director of Corporate Communications on Tuesday.
The CBN attributes the increase in remittance inflows to a series of deliberate policy moves aimed at improving foreign exchange market liquidity in Nigeria.
The statement read: "The Central Bank of Nigeria (CBN) has reported a significant increase in remittance inflows, reaching $553 million in July 2024, a 130% increase over the same period in 2023.
"The significant increase in remittance receipts is due to policy measures implemented by the CBN to improve 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 ensuring IMTOs have timely access to naira liquidity.
"Diaspora remittances are an important source of foreign exchange in Nigeria, supplementing both foreign direct investment and portfolio investments. The CBN's initiatives have supported continued growth in these inflows, which is consistent with the institution's goal of doubling formal remittance receipts within a year."
The National Bureau of Statistics (NBS) reported a year-over-year decline in Nigeria's headline inflation rate for the first time in 19 months, citing the CBN's monetary policy tightening as evidence of its success.
The CBN also reaffirmed its commitment to keeping a close eye on market conditions and adjusting its policies as needed to ensure the flow of remittances and the stability of the forex market.
In January, the CBN issued a circular removing the previous cap on exchange rates quoted by international money transfer operators.
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