The Central Bank of Nigeria (CBN) has recorded a significant increase in remittance inflows of $553 million in July 2024.

The CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali, disclosed this via a statement on Tuesday, August 20.

Sidi-Ali said the all-time high remittances represent a 130 per cent increase from the corresponding period in 2023.

Sidi-Ali stated 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.

According to her, the substantial growth in remittance receipts is attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

The CBN official noted: “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.

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“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.”

Sidi-Ali 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.

The CBN director stated that it was an indication of efforts to strengthen a robust and inclusive banking system and promote price stability, which is essential for sustained economic growth.

She added: “Recent data from the National Bureau of Statistics (NBS) showed that Nigeria’s year-on-year headline inflation rate slowed in July for the first time in 19 months.

“This is 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.”

Sidi-Ali noted that the CBN would continue to monitor market conditions and adjust policies as necessary to enable greater remittances to flow into Nigeria.

The Star