Efforts by the Central Bank of Nigeria (CBN) to deepen foreign exchange market liquidity inflow have yielded substantial leap with remittances hitting $553 million in the month of July 2024.

The significant increase represents 130 percent difference from the 2023 corresponding period and it posted the highest monthly total inflows on record.

CBN Acting Director, Corporate Communications department, Mrs. Hakama Sidi Ali, confirmed the inflow in a statement issued on Tuesday.

She described the leap as a reflection of ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

“The substantial growth in remittance receipts is attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

“These measures include granting licences to new International Money Transfer Operators (IMTOs), implementing a willing buyer willing seller model, and enabling timely access to naira liquidity for IMTOs,” CBN said in a statement.

Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.

The CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year.

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