The Central Bank of Nigeria has reported a $172m increase in direct remittances in one month.
The latest CBN data shows that the remittances totalled $138.56m in January, $39.14m in February, $104.90m in March, $193.31m in April, and $365.44 m in May 2024.
The data indicates a surge of 90 per cent ($172m) from April to May, reaching $365.44m, and 163 per cent from January to May, indicating a robust growth in foreign-currency inflows, a positive development for the economy amid rising debt and efforts to diversify revenue sources.
This increase is reflective of efforts by the CBN to enhance foreign currency remittance flows through formal channels.
In response to challenges hindering remittance flows, the CBN recently approved in principle 14 new International Money Transfer Operators.
This initiative aims to streamline processes and eliminate bottlenecks, thereby encouraging more remittances through official channels.
Sidi Ali, the acting director of Corporate Communications at the CBN, emphasised the bank’s commitment to facilitating smoother remittance transactions.
“We are wasting no time driving progress to remove any bottlenecks hindering flows through formal channels permanently. We have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with key stakeholders in the remittance industry,” she said.
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