Direct remittances to Nigeria from abroad dropped by $258m in the first six months of 2023, compared to the corresponding period in the previous year.
This is in spite of the huge number of Nigerians that have relocated abroad in the review period.
Data released by the Central Bank of Nigeria (CBN) in its International Payment report revealed that the country received a total of $952 million as direct remittances from Nigerians abroad between January and June this year.
The report showed that the half-year 2023 remittances represent a 21 percent decline compared to the $1.210 billion recorded in the same period in 2022.
A monthly breakdown of the data showed that Nigeria recorded $79.2 million in remittances in January 2023, $83.8 million in February and $138.6 million in March.
In April, the country received $150 million as direct remittances, while the inflow increased to $202.9 million in May and $297.5 million in June 2023.
Total direct remittances to the country in 2022 were $2.16 billion.
