The Central Bank of Nigeria has announced a significant increase in remittance inflows, reaching $553m in July 2024.

It said the amount is a 130 per cent increase from the corresponding period in 2023.

A statement by the apex bank’s acting Director of Corporate Communications, Hakama Ali on Tuesday, noted that the figure represented the highest monthly total inflows on record and reflects ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

The statement read, “The CBN has reported a significant increase in remittance inflows, reaching $553 million in July 2024, a 130 per cent increase from the corresponding period in 2023.

“This figure represents the highest monthly total inflows on record and reflects ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market.”

The statement explained that the substantial growth in remittance receipts was attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

The CBN added that diaspora remittances have remained a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.

It said, “These measures included granting licenses to new International Money Transfer Operators, 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 said its initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year.

The statement added, “The increase in remittances is a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.”

Recent data from the National Bureau of Statistics revealed that Nigeria’s year-on-year headline inflation rate slowed in July 2024, for the first time in 19 months.

CBN said the development is a clear indication that its 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. The Bank will continue to monitor market conditions and adjust policies as necessary to enable greater remittance flows into Nigeria,’ the statement added.

Source: https://punchng.com/cbn-recorded-highest-remittance-inflow-of-553m-in-july-official/?amp

Toh

130% increase from 2023 same period is very good.

But I want that figure to be up to $1billion + per month. Cardoso you can do this.

It said the amount is a 130 per cent increase from the corresponding period in 2023.

Osukwu will not be happy with this news.

Nice 👍

Reduce the people's purchasing power is tilumbu economic policy by taxing the people of all their hard earned money

Hmm. Yet we won't see or even know which agencies remitted and which didn't remit, neither will we know what the money is used for.

Better

See the way cbn is acting like they are responsible for increase on foreign remittance

What is the major purpose of the remittance? If it is to support family members back home, I am not sure this is an achievement except if the government expects hardworking Nigerians to depend on family members abroad.

Of what use is this stats to the common man

Someone please explain how this will change the current mood in the
Country?

Okay ooo

LegendHero:
130% increase from 2023 same period is very good.

But I want that figure to be up to $1billion + per month. Cardoso you can do this.

your bank will bill u more

This is commendable

Will ds bring down price of food in the market

Useless inflow when Nigerians are groaning in abject hunger and poverty. Anyway where I come from e no concern me.

nedu666:
See the way cbn is acting like they are responsible for increase on foreign remittance

Who is responsible? Tell us.

Ok

anything is now news ok because of this dollar will be #150 by next week . keep up with the newsletter

all tinubu care about is IGR. other things can go tell hell. Lagos knew this and decided to vote against him but osun, ogun, ekiti, ondo said emi lo kan.

modified Adeleke rigged osun election votes same way wike rigged Rivers vote

AutoChick4U:
your bank will bill u more

I don’t think you understand what is being discussed

Mtcheeew

Wt it show on the masses.
That is all that matters

LegendHero:
130% increase from 2023 same period is very good.

But I want that figure to be up to $1billion + per month. Cardoso you can do this.

Your Cardozo is a dullard, try and error CBN governor

Inflow that doesn't affect Nigerians positively......audio nonsense

Why quoting in dollars? Are you pay Nigerian workers in dollars.

ruggedboych:


Your Cardozo is a dullard, try and error CBN governor

Learn how to spell “trial and error” first.

The statement added, “The increase in remittances is a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.”

Always interpreting data as growth yet the masses see something else