CBN records highest remittance inflows of $553m in July
CBN Dollar
CBN records highest remittance inflows of $553m in July
Abdullateef Fowewe
The Central Bank of Nigeria has reported a gigantic increase in remittance inflows, reaching $553 million in July 2024, noting that it is a 130 per cent increase from the corresponding period in
2023.
This figure according to a statement on Tuesday by the CBN acting Director of Corporate Communications, Ali Hakama represents the highest monthly total inflows on record and reflects ongoing efforts by the apex bank to enhance liquidity in Nigeria’s foreign exchange market.
Hakama said, “The substantial growth in remittance receipts is attributable 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.
The statement referenced that the 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, which is a clear indication that the apex bank’s monetary policy tightening measures are delivering results.
However, the apex bank anticipates that these measures will contribute to achieving its broader objective of maintaining stability in the foreign exchange market and vowed that the CBN will continue to monitor market conditions and adjust policies as necessary to enable greater remittance flows into Nigeria.
Dailyeconomy on Thursday, August 15, reported that Economic activities in Nigeria recorded contraction in 13 months.
