Nigeria's Central Bank announces a 130% increase in remittance inflows in July 2024, reaching $553 million.

Nigeria's Central Bank (CBN) announced a 130% increase in remittance inflows in July 2024, reaching a record $553 million. The growth is attributed to policy measures aimed at boosting liquidity in Nigeria's foreign exchange market, including licensing 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, supporting both foreign direct investment and portfolio investments. The CBN's initiatives have supported continued growth in these inflows, aiming to double formal remittance receipts within a year. The increase in remittances is a strong testament to the CBN's efforts in bolstering public confidence in the foreign exchange market, promoting price stability, and sustaining economic growth.

August 20, 2024
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