CBN reveals highest remittance inflows in five years

• The Central Bank of Nigeria (CBN) has announced grounds remittance inflows to Nigeria successful 2024
• Data by the CBN shows that remittances accrued by 9 per cent to $20.98 billion, the highest since 2019
• Meanwhile, the World Bank has said Nigeria’s diaspora remittances transcend those of immoderate different African country

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

The Central Bank of Nigeria (CBN) revealed that remittance flows into the Nigerian system roseate by 9 per cent to $20.98 billion, the highest level successful 5 years nether the existent enactment of Olayemi Cardoso.

The apex slope said the past clip remittances exceeded that level was successful 2029 erstwhile they deed $23.80 billion.

CBN sets caller remittance inflow records nether Olayemi Cardoso. Credit: CBN/Contributor
Source: Getty Images

Nigeria hits caller grounds with dollar inflow

World Bank’s information shows that Nigeria’s highest remittance inflow successful the past 10 years was successful 2018 astatine $24.31 billion, portion the lowest was recorded successful 2024 astatine $17.21 billion.

CBN revealed that idiosyncratic remittances remained robust successful 2024, rising 8.9% to $20.93 billion.

Inflows from International Money Transfer Operators (IMTOs) roseate by 43.5%, hitting $4.73 cardinal from $3.30 cardinal successful 2023, showing a deeper collaboration with diasporan Nigerians.

Official improvement assistance besides roseate by 6.2%, boosting Nigeria’s outer reserves.

Remittances: Nigeria beats different African countries

The World Bank revealed that remittances to Nigeria stay higher than those of different African countries.

The planetary lender disclosed that Ghana deed $2.43 cardinal successful 2023, from $2.07 cardinal successful 2022, portion South Africa recorded a diminution from $872.85 cardinal successful 2022 to $803.3 cardinal successful 2023.

Reports accidental Nigeria recorded a nett acquisition of fiscal assets of $12.12 cardinal successful 2024, portion portfolio inflows increased, rising by 106.5% to $13.35 billion.

The apex slope stated that nonmigratory overseas currency holdings roseate by $5.41 billion, indicating rising assurance successful the Nigerian economy.

However, overseas nonstop concern (FDI) dropped $2.3% to $1.08 billion.

Remittances: Cardoso attributes maturation to reforms

The politician of the Central Bank of Nigeria (CBN) said that the caller betterment successful remittances was owed to economical reforms, saying that a singular summation successful monthly inflows from $250 cardinal successful 2024 to $600 cardinal by September of that year.

He revealed that much Nigerians overseas are choosing authoritative and ceremonial channels to remit funds owed to CBN policies that person reformed remittance platforms.

Cardoso stressed that the caller stabilisation of the FX marketplace and maturation successful cardinal sectors are indicators of economical recovery.

He reiterated that accrued remittances and a much unchangeable macroeconomic clime would enactment economical progress.

He said that the CBN volition prosecute deeper collaboration with the Nigerian diaspora assemblage successful the Middle East to boost remittance flows and heighten the resilience of Nigeria’s fiscal sector.

The naira depreciates

Meanwhile, the Nigerian currency, the naira, crashed again connected Wednesday, aft a little reprieve successful the Nigerian Foreign Exchange Window (NFEM) connected Wednesday, April 9, 2025.

The naira’s clang comes arsenic crude oil prices fell to pandemic levels pursuing the commercialized warfare betwixt the United States and China, arsenic some countries intensified tariff hikes.

Crude lipid terms driblet crashes the naira

Analysts accidental the planetary tariff hikes slapped connected countries by President Donald Trump volition origin further shocks to economies and currency fluctuations.

On Wednesday, April 9, 2025, the naira traded astatine N1,644 per dollar from N1,615 the erstwhile day.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, records the highest inflows nether his leadership. Credit: CBN
Source: Twitter

The naira’s clang comes amid the involution of the Central Central Bank of Nigeria (CBN) erstwhile it sold astir $197.71 cardinal to authorised dealers past Friday to boost liquidity.

CBN said the Nigerian forex marketplace is built to withstand macroeconomic shocks caused by planetary fluctuations.

JP Morgan hails Nigeria's nett FX reserves

Legit.ng earlier reported that JP Morgan, the American concern banker, has said the alteration successful the enactment of the Nigerian National Petroleum Company Limited (NNPC) and the merchandise of Nigeria’s nett foreign speech reserves (NFER) are changing the tide successful the market.

Amid expanding planetary uncertainty, JP Morgan upheld a affirmative standing connected the Nigerian market, stating it is insulated from US slowdowns.

The institution disclosed this successful its enactment to investors connected Wednesday, April 2, 2025, stating that the Nigerian marketplace provided capable complaint extortion to easiness imaginable FX losses.

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Source: Legit.ng