CBN records $553m remittance inflows for July

The Central Bank of Nigeria (CBN) has reported a significant surge in remittance inflows, reaching $553 million in July. This marks a 130% increase compared to the same period in 2023, according to a statement by the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali.

Mrs. Sidi-Ali highlighted that this figure represents the highest monthly total on record, reflecting the ongoing efforts by the apex bank to boost liquidity in Nigeria’s foreign exchange market.

She attributed the substantial growth in remittance receipts to several policy measures introduced by the CBN. These include issuing licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller model, and ensuring timely access to Naira liquidity for IMTOs.

“Diaspora remittances are a critical source of foreign exchange for Nigeria, complementing both foreign direct investment and portfolio investments. The CBN’s initiatives have played a key role in sustaining the growth of these inflows, in line with our objective of doubling formal remittance receipts within a year,” Sidi-Ali stated.

She further emphasized that the increase in remittances is a testament to the success of the CBN’s ongoing efforts to enhance public confidence in the foreign exchange market. It also underscores the bank’s commitment to strengthening a robust and inclusive banking system and promoting price stability, which is essential for sustained economic growth.

Mrs. Sidi-Ali also pointed to recent data from the National Bureau of Statistics (NBS) showing 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 yielding positive results,” she added.

The CBN remains committed to monitoring market conditions and will adjust its policies as needed to further encourage remittance flows into Nigeria.