CBN confirms $553m remittance inflows to Nigeria for July

The Central Bank of Nigeria (CBN) on Tuesday confirmed $553 million in remittance inflows to the country for July.

The CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, said in a statement in Abuja the remittances represent a 130 percent increase from the corresponding period in 2023.

Sidi-Ali said the figure represented the highest monthly total inflows on record and reflected the ongoing efforts by the apex bank to enhance liquidity in Nigeria’s foreign exchange market.

She said: “These measures include granting licences 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.

READ ALSO: Capital import, diaspora remittance boost FX flows by 55% in six months —CBN
“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.”

Sidi-Ali noted that the increase in remittances was a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market.

“Recent data from the National Bureau of Statistics (NBS) showed that Nigeria’s year-on-year headline inflation rate slowed in July for the first time in 19 months.

“This 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,” she stated.

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