NIGERIA: CBN Reports All-Time High Remittance Inflows at US$553 Million for July 2024.

The Central Bank of Nigeria, CBN said it has recorded all-time high remittances in July.

On Tuesday, the apex bank said it recorded a significant increase in remittance inflows, reaching $553m in July 2024, representing 130% increase from the corresponding year.

According to a statement by the Acting Director, Corporate Communications, Hakama Alion on X, the figure represents the highest monthly inflow on records and reflects the CBN efforts to improve liquidity in the market.

It attributed the substantial growth in remittance receipts to a series of policy reforms implemented by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

”The initiatives are vital, as diaspora remittances serve as a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments”

“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-on-year 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 statement added.

The apex bank said it anticipates that the measures would contribute to achieving its broader objective of maintaining stability in the FX market.

SOURCE: AGENCIES