CBN records 553m in remittance inflows for July 2024

The CBN expects these actions to help stabilise the foreign exchange market, aligning with its broader economic goals.

The Central Bank of Nigeria (CBN) has announced a remarkable surge in remittance inflows, reporting a total of $553 million for July 2024.

This figure represents a 130% increase compared to last year's period and marks the highest monthly inflow on record.

In a statement released on Tuesday, August 20, Hakama Sidi Ali, the acting Director of Corporate Communications at the CBN, attributed this significant growth to the bank's strategic efforts to enhance liquidity in Nigeria's foreign exchange market.

These efforts included the introduction of new policy measures, such as granting licenses to additional International Money Transfer Operators (IMTOs) and implementing a willing buyer-willing seller model to facilitate timely access to naira liquidity.

Dividend of diaspora remittances

Diaspora remittances play a vital role in Nigeria's economy, providing a crucial foreign exchange source that complements foreign direct and portfolio investments.

The CBN's recent initiatives aim to further boost these inflows, aligning with its broader 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," the statement read.

The CBN anticipates that these measures will contribute to maintaining stability in the foreign exchange market as part of its broader economic objectives.