The Central Bank of Nigeria (CBN) has reported a significant increase in remittance inflows, totaling $553 million for July 2024. This figure represents a 130% rise compared to the same period last year and is the highest monthly inflow on record.
Hakama Sidi Ali, the acting Director of Corporate Communications at the CBN, attributed this remarkable growth to the bank’s strategic initiatives aimed at enhancing liquidity in Nigeria’s foreign exchange market. These measures included granting licenses to additional International Money Transfer Operators (IMTOs) and implementing a willing buyer-willing seller model to facilitate prompt access to naira liquidity.
The CBN’s efforts are part of a broader strategy to stabilize the foreign exchange market and boost public confidence. With diaspora remittances playing a crucial role in Nigeria’s economy, these initiatives align with the CBN’s goal of doubling formal remittance receipts within a year.
The Central Bank expects these actions to contribute to sustained stability in the foreign exchange market and support broader economic objectives.