The CBN Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, announced that diaspora remittances have increased significantly, crediting this growth to several key initiatives by the bank, including the licensing of new International Money Transfer Operators (IMTOs), the implementation of a willing buyer-willing seller exchange rate model, and ensuring prompt access to naira liquidity for IMTOs.
Abuja, Nigeria – The Central Bank of Nigeria (CBN) has announced a significant increase in diaspora remittances, with inflows rising by 130% to $553 million in July 2024, compared to the same period in 2023.
This marks the highest monthly total on record, reflecting the effectiveness of recent policies aimed at enhancing liquidity in Nigeria’s foreign exchange market.
The CBN Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, announced that diaspora remittances have increased significantly, crediting this growth to several key initiatives by the bank, including the licensing of new International Money Transfer Operators (IMTOs), the implementation of a willing buyer-willing seller exchange rate model, and ensuring prompt 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 statement read. “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 CBN emphasized that the increase in remittances reflects growing public confidence in the foreign exchange market, which is crucial for maintaining price stability and promoting sustained economic growth.
Additionally, recent data from the National Bureau of Statistics (NBS) indicated that Nigeria’s year-on-year headline inflation rate slowed in July 2024 for the first time in 19 months, a development credited to the CBN’s monetary policy tightening measures.
The apex bank reaffirmed its commitment to monitoring market conditions and adjusting policies as needed to further enhance remittance flows and maintain stability in the foreign exchange market.
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