The Central Bank of Nigeria (CBN) has announced a substantial increase in remittance inflows, recording $553 million in July 2024. The figure represents a 130 per cent rise compared to the same period in 2023.
The data was disclosed in a statement by Hakama Sidi Ali, the acting director of corporate communications for the CBN.
The CBN said its initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year.
The statement added, “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 apex bank said the development is a clear indication that its 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.
