The Central Bank of Nigeria (CBN) says it recorded remittance inflows of $553 million in July.
The CBN said in a statement on Tuesday, signed by Hakama Sidi Ali, its acting director of corporate communications, said the amount reflects a 130 per cent increase from the corresponding period in 2023.
The CBN said that the figure represented the highest monthly total inflows on record, and reflects ongoing efforts by the apex bank to enhance liquidity in Nigeria’s foreign exchange market.
It further noted that 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,” the statement read.
The CBN further said the increase in remittances was a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market.
It further described it as an indication of efforts to strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.
Sidi-Ali said that the apex bank would continue to monitor market conditions and adjust policies as necessary to enable greater remittances flow into
Nigeria.
