The Central Bank of Nigeria (CBN) has announced a remarkable surge in remittance inflows, reporting a total of $553 million for July 2024.
This figure represents a 130% increase from the corresponding period in 2023, marking the highest monthly remittance inflows ever recorded by the CBN.
In a statement released on August 20th, 2024, the apex bank’s acting Director of Corporate Communications, Hakama Ali, highlighted that this milestone reflects ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market.
"The substantial growth in remittance receipts is attributable to policy measures introduced by the CBN," Ali noted.
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 have remained a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.
The CBN's initiatives aim 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, indicating 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 added.
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