The Central Bank of Nigeria has introduced a big improve in remittance inflows, reaching $553m in July 2024.
It stated the quantity is a 130 per cent improve from the corresponding interval in 2023.
An announcement by the apex financial institution’s performing Director of Corporate Communications, Sidi Ali, on Tuesday, stated the determine represented the very best month-to-month whole inflows on document and displays ongoing efforts by CBN to boost liquidity in Nigeria’s international trade market.
The assertion learn, “The CBN has reported a significant increase in remittance inflows, reaching $553m in July 2024, a 130 per cent increase from the corresponding period in 2023. This figure represents the highest monthly total inflows on record and reflects ongoing efforts by CBN to enhance liquidity in Nigeria’s foreign exchange market.”
The assertion defined that the substantial progress in remittance receipts was attributable to coverage measures launched by the CBN to boost liquidity in Nigeria’s international trade market.
It added that diaspora remittances have remained a vital supply of international trade for Nigeria, supplementing each international direct funding and portfolio investments.
It stated, “These measures included granting licenses to new International Money Transfer Operators, implementing a willing buyer-willing seller model, and enabling timely access to naira liquidity for IMTOs.”
“Diaspora remittances are a vital supply of international trade for Nigeria, supplementing each international direct funding and portfolio investments.’
The CBN stated its initiatives have supported continued progress in these inflows, aligning with the establishment’s goal of doubling formal remittance receipts inside a 12 months.
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The assertion added, “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 information from the National Bureau of Statistics revealed that Nigeria’s year-on-year headline inflation fee slowed in July 2024, for the primary time in 19 months.
CBN stated the event is a transparent indication that its financial coverage tightening measures are delivering outcomes.
“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,” the assertion added.
In one other growth, the financial institution acknowledged that the decline within the nation’s inflation fee in July was a optimistic signal that its financial measures have been starting to yield outcomes.
The CBN highlighted this growth as proof of the effectiveness of its methods aimed toward stabilising the economic system and controlling inflationary pressures.