Friday, July 11, 2025
Home Business REMITTANCE INFLOW :  CBN RECORD INCREASE OF US$553 MILLION FOR JULY 2024.

REMITTANCE INFLOW :  CBN RECORD INCREASE OF 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-onyear 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 says it  will continue to monitor
market conditions and adjust policies as necessary to enable greater remittance flows in.
RELATED ARTICLES

CBN CLARIFIES NRBVN CHARGES FOR NIGERIANS IN DIASPORA, REAFFIRMS COMMITMENT TO FINANCIAL INCLUSION.

The Central Bank of Nigeria (CBN) has clarified recent speculations regarding charges related to the newly launched Non-Resident Bank Verification Number (NRBVN) platform, affirming...

NO BREACH OF CIVIL SERVICE RULES IN FORTHCOMING NEPC PROMOTION EXAMS – NEPC

  Nigeria Export Promotion Council (NEPC) has refutes the Sahara Reporters report  regarding the forthcoming promotion examinations at the Nigeria Export Promotion Council (NEPC). In the...

NAICOM HANDS OVER NEW LICENSES TO SANLAMALLIANZ LIFE AND GENERAL INSURANCE.

  The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd. in a brief ceremony held in...

Most Popular

NIGERIAN POLITICIANS DON’T KNOW WHY THEY WERE ELECTED – PROFESSOR PAT UTOMI.

   Professor Pat Utomi, has described the mass defection of politicians from one party to the other as a lack of understanding from the so-called...

NSC RALLIES FUNDING SUPPORT FOR NUGA, AS NIGERIA COMPETES AT WORLD UNIVERSITY GAMES.

The National Sports Commission (NSC) has played a pivotal role in securing the participation of Team Nigeria (represented by Nigeria University Games Association -...

FIBA U-19 WOMEN’S WORLD CUP JUNIOR D’TIGRESS SETTLE IN CZECH REPUBLIC, NSC RALLIES SUPPORT.

Nigeria’s U-19 women’s basketball team, the Junior D’Tigress, have landed in Brno, Czech Republic, ahead of the FIBA U-19 Women’s Basketball World Cup scheduled...

INEC MOVES TO DIGITIZE POLITICAL PARTY REGISTRATION AS APPLICATIONS HIT 129.

  The Independent National Electoral Commission (INEC) says it has received a total of 129 applications from associations seeking registration as political parties. The update was...

Recent Comments