The Central Bank of Nigeria (CBN) has announced a historic surge in remittance inflows, reaching an all-time high of $553 million in July 2024, according to a statement by the Director of Corporate Communications, Hakama Sidi Ali on Tuesday.
This figure marks a 130% increase compared to the same period in 2023 and underscores the effectiveness of recent policy measures aimed at enhancing liquidity in Nigeria’s foreign exchange market.
According to the statement, the remarkable growth in remittance receipts is largely attributed to “policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market,” which include “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.”
These efforts have not only bolstered remittance inflows but also supported the CBN’s goal of doubling formal remittance receipts within a year, it said.
The statement further made it clear that diaspora remittances remain a vital source of foreign exchange for Nigeria, complementing both foreign direct investment and portfolio investments.
“The CBN’s initiatives have successfully fostered public confidence in the foreign exchange market, strengthened the banking system, and promoted price stability, all of which are crucial for sustainable economic growth,” it continued.
Supporting this trend, recent data from the National Bureau of Statistics (NBS) indicated a slowdown in Nigeria’s year-on-year headline inflation rate in July 2024—the first such decline in 19 months, which according to the Central Bank is a clear sign that its monetary policy tightening measures are yielding the desired outcomes.
The CBN expressed its hopes that its measures will contribute to achieving its broader objective of maintaining stability in the foreign exchange market.
It said it remains committed to sustaining and further enhancing remittance flows into the country.
Melissa Enoch
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