CBN Confirms $553 Million Remittance Inflows to Nigeria for July
The Central Bank of Nigeria (CBN) has confirmed that the country received $553 million in remittance inflows for July, marking a significant milestone in the nation’s financial landscape.
According to a statement released on Tuesday by Mrs. Hakama Sidi-Ali, the CBN’s Acting Director of Corporate Communications, this figure represents a 130 percent increase compared to the same period in 2023, setting a new record for the highest monthly total inflows.
Sidi-Ali attributed this growth to the CBN’s ongoing efforts to improve liquidity in Nigeria’s foreign exchange market. She highlighted several key measures, including the licensing of new International Money Transfer Operators (IMTOs), the adoption of a willing buyer-willing seller model, and facilitating timely Naira liquidity for IMTOs.
“Diaspora remittances are a vital source of foreign exchange for Nigeria, complementing both foreign direct investment and portfolio investments,” she said. “The CBN’s initiatives have driven sustained growth in these inflows, supporting our goal to double formal remittance receipts within a year.”Sidi-Ali also emphasized that the surge in remittances underscores the effectiveness of the CBN’s strategies to strengthen public confidence in the foreign exchange market.
“Recent data from the National Bureau of Statistics (NBS) revealed a slowdown in Nigeria’s year-on-year headline inflation rate in July, the first decline in 19 months. This positive trend indicates that the CBN’s monetary policy tightening measures are yielding results,” she added. The CBN expects these measures to further stabilize the foreign exchange market and contribute to the broader economic objectives of the institution.
