This information was provided at the 33rd conference for financial correspondents and business editors over the weekend in Lagos by Ozoemena Nnaji, Director, Trade and Exchange Department, CBN.

She noted that while remittances registered through the program totaled $2.9 billion in 2021, Nigeria had only received $2.4 billion as of the first eight months of 2022.

“We have seen an increase in the Naira 4 Dollar in terms of remittances. For example, in 2021, we were able to record $2.9 billion of cash inflows, so far this year, we have recorded $2.4 billion. So, in half of the year, we have gotten almost what we got in the year 2021,” Nnaji said.

“We have a component of remittances which include workers’ compensation, anyone that worked in Nigeria, even if you are a Nigerian but are paid in dollars because you work for an embassy or an international organization, it is counted as a remittance.

“So, there are so many components of remittances. But the component of inflows that came into this country so far, we are at $2.4 billion.”