Economy, Featured
By Christabel Ejenike
THE Central Bank of Nigeria, CBN, has announced a significant milestone in remittance inflows, reaching an all-time high of $553 million in July 2024, representing a 130% increase from the same period in 2023.
According to the CBN, this substantial growth is attributed to policy measures aimed at enhancing liquidity in the foreign exchange market.
These initiatives include: Licensing new International Money Transfer Operators, IMTOs, Implementing a willing buyer-willing seller model and ensuring timely access to Naira liquidity for IMTOs
It added that Diaspora remittances play a crucial role in Nigeria’s foreign exchange earnings, supplementing foreign direct investment and portfolio investments and that the CBN aims to double formal remittance receipts within a year.
This increase in remittances demonstrates the success of the CBN’s efforts to bolster public confidence in the foreign exchange market, strengthen the banking system and promote price stability
Recent data from the National Bureau of Statistics, NBS, shows that Nigeria’s headline inflation rate slowed in July 2024, the first in 19 months, indicating the effectiveness of the CBN’s monetary policy measures.
“The CBN will continue to monitor market conditions and adjust policies to facilitate greater remittance flows into Nigeria,” the statement by the CBN said.
21st August, 2024.
C.E.
Tags: CBN
