Foreign Remittance Surges By 130% To $553m In July –CBN

The Central Bank of Nigeria (CBN) has announced a significant surge in remittance inflows, with a record-breaking $553 million received in July 2024.

According to a statement by CBN’s acting Director of Corporate Communications, Hakama Sidi Ali and obtained by Excel Magazine International, this represents a 130% increase from the same period in 2023 and the highest monthly remittance inflows ever recorded.

The CBN attributed the growth to policy measures aimed at enhancing liquidity in the foreign exchange market, including the licensing of new International Money Transfer Operators (IMTOs) and the implementation of a willing buyer-willing seller model.

Diaspora remittances are a vital source of foreign exchange for Nigeria, and 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.

In January 2024, the CBN removed the cap on exchange rates quoted by IMTOs and established a minimum operating capital requirement of $1 million for foreign entities and an equivalent amount for local IMTOs. IMTOs can now also trade on the official market.