By Abiola Olawale
In a major development, the Central Bank of Nigeria (CBN) has posted a significant surge in remittance inflows.
The apex bank, in a statement issued by its Acting Director of Corporate Communications, Hakama Sidi Ali, said the remittance inflow rose to $553m in July 2024.
This represents a 130 per cent increase from the corresponding period in 2023.
According to the CBN, the latest figure also represents the highest monthly total inflows on record and reflects ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market.
Ali, in the statement, also explained that the increase was hinged on the policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.
He pinpointed that the policies included 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.
The statement reads in part: “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.
CBN said the development is a clear indication that its monetary policy tightening measures are delivering results.
The apex bank added:”The CBN anticipates that these measures will contribute to achieving its broader objective of maintaining stability in the foreign exchange market. The Bank will continue to monitor market conditions and adjust policies as necessary to enable greater remittance flows into Nigeria.”
