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.

In a statement, Ag. Director, Corporate Communications Hakama Sidi Ali noted that the 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.

He stated that the substantial growth in remittance receipts is attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market and 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.

He added that the CBN anticipates that these measures will contribute to achieving its broader objective of maintaining stability in the foreign exchange market and the Bank will continue to monitor market conditions and adjust policies as necessary to enable greater remittance flows into Nigeria.