CBN Reports All-Time High Remittance Inflows at US$553 Million for July 2024

The Central Bank of Nigeria (CBN) has reported a significant increase in remittance inflows,
reaching $553 million in July 2024, a 130 per cent increase from the corresponding period
in 2023. 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.
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.
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 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.