CBN Reports $553 Million in Remittance Inflows for July 2024

The Central Bank of Nigeria (CBN) has reported a significant remittance inflow of $553 million for July 2024, highlighting steady growth in foreign exchange earnings.

In July 2024, the Central Bank of Nigeria (CBN) announced a noteworthy surge in remittance inflows amounting to $553m. This figure reflects an impressive growth of 130% compared to the same time frame in 2023.

On Tuesday, Hakama Sidi Ali, who is the Acting Director of Corporate Communications at the Apex bank, announced that Nigeria has attained its highest monthly total inflows on record. This achievement reflects continuous efforts made by CBN to boost liquidity in Nigeria’s foreign exchange market.

The reason behind the significant increase in remittance revenue can be attributed to policies implemented by the CBN aimed at improving liquidity within Nigeria’s foreign exchange market.

The steps taken comprised of issuing licenses to fresh International Money Transfer Operators (IMTOs), executing a willing buyer-willing seller strategy, and facilitating prompt naira liquidity accessibility for IMTOs.

Diaspora remittances serve as a significant foreign exchange resource for Nigeria, providing additional support to both direct and portfolio investments.

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According to the CBN, its programs have contributed to sustained increases in these incoming funds. This is consistent with the institution’s aim of doubling formal remittance revenues within one year.

According to the statement, the surge in remittances is clear evidence of how effective the CBN’s initiatives are at boosting public trust in foreign exchange trading and enhancing a resilient banking infrastructure. Additionally, it highlights that maintaining price stability plays an integral role in fostering consistent economic development.

According to newly released figures from the National Bureau of Statistics (NBS), Nigeria’s year-over-year overall inflation rate decelerated in July 2024, marking the first decrease in 19 months.

According to CBN, the progress serves as a distinct evidence that its tightening measures of monetary policy are producing outcomes.

According to the statement, “These measures are expected by the CBN to aid in achieving its overarching aim of upholding stability within the foreign exchange market. The Bank shall persistently keep watch over prevailing market conditions and revise policies accordingly, with an objective towards facilitating increased remittance inflows into Nigeria.”