CBN records all-time high remittance inflows of $553m in July

The Centre Bank of Nigeria said it recorded an all-time high remittance inflows of $553 million in July 2024.

The apex banks’ spokesperson, Sidi Hakama disclosed this in a statement on Tuesday.

This represents a 130 percent increase from the corresponding period in 2023.

According to the bank, 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.

It attributed the high remittance inflow to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

“These measures include granting licenses 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. 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.

”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”.

Similarly, CBN said the recent data from the National Bureau of Statistics (NBS) of a decrease in Nigeria’s inflation on a year-on-year to year basis to 33.40 percent in July, 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. The Bank will continue to monitor market conditions and adjust policies as necessary to enable greater remittance flows into Nigeria”, the statement reads.

Meanwhile, despite the high remittances, the Naira fell against the dollar consecutively on Monday and Last Friday to N1579.89 per dollar.