Remittance inflows hit record $553 million in July 2024 — CBN

The Central Bank of Nigeria (CBN) has reported a significant increase in remittance inflows, reaching $553 million in July 2024., a figure which indicates a 130 percent rise compared to the previous year, 2023.

The figure represents the highest monthly total inflows on record, demonstrating the ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

A statement issued by the apex bank and signed by its Acting Director, Corporate Communications, Hakama Sidi Ali, on Tuesday, noted that the growth in remittance receipts was attributable to policy measures introduced to enhance liquidity in Nigeria’s foreign exchange market.

“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 (NBS) revealed that Nigeria’s year-on-year headline inflation rate slowed in July 2024 for the first time in 19 months, a clear indication that the CBN’s monetary policy tightening measures are delivering results.”

The statement also highlighted the importance of diaspora remittances, which supplement both foreign direct investment (FDI) and portfolio investments.

“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 apex bank spokesperson noted.