The Central Bank of Nigeria has reported a significant increase in remittance inflows, reaching $553 million in July 2024, a 130 percent increase from the corresponding period in 2023.
This was disclosed in a statement on Tuesday by Hakama Sidi Ali, acting Director, Corporate Communication, CBN.
It said this figure represents 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 is attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.
“These measures include granting licences 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. The CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year.
Also Read:
- Erotic Monday Night: Lunch hour sex, by Tiwa Says
- Tantita donates CBT Centre to Delta community
- FG approves N2.5bn satellite gadget to combat illegal mining
- Diri rejects South-South PDP congress, calls for unity
- LIRS urges taxpayers to meet March 31 deadline for annual tax return submission
“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, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth,” said the statement.
Recent data from the National Bureau of Statistics, according to the statement, revealed that Nigeria’s year-on year headline inflation rate slowed in July 2024, for the first time in 19 months – a clear indication that the CBN’s monetary policy tightening measures are delivering results.
The CBN anticipates that these measures will contribute to achieving its broader objective of maintaining stability in the foreign exchange market.
The Bank will continue to monitor market conditions and adjust policies as necessary to enable greater remittance flows into Nigeria.
Follow The Eagle Online Channel on WhatsApp
