CBN says July remittance inflow hit $556m

The Central Bank of Nigeria (CBN) has reported a significant increase in remittance inflow reaching $553 million in July 2024, a 130 percent increase from the corresponding period in 2023.

This 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.

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

The CBN’s initiatives have supported continued growth in these inflows alighing with the institutions objective of doubling formal remittance receipts within a year