CBN records $282m as diaspora remittances in Q1 2024

Nigeria recorded $282.61 million as total direct foreign exchange (FX) remittances in the first quarter (Q1) of 2024.

This is according to data obtained from the website of the Central Bank of Nigeria (CBN) on May 13.

Nigeria’s direct foreign exchange remittance refers to money transfers from Nigerians to family members or other individuals in the country.

The figure represents a decrease of $18.96 million or 6.28 percent compared to the $301.57 million remittances recorded in Q1 2023.

In Q1 this year, the remittances stood at $138.56 million in January, however, it dropped to $39.14 million in February, before rising to $104.90 million in March.

The inflow of direct remittances into Nigeria is facilitated through various channels, including international money transfer operators (IMTOs) and banks.

On April 20, CBN said it had collaborated with IMTOs to collectively commit to doubling remittance flows through formal channels into Nigeria.

Also, on February 13, the apex bank announced that dollar transactions through IMTOs will now be paid to customers in naira.

CBN compelled the IMTOs to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the official FX market.

Similarly, on January 31, the apex bank said IMTOs will no longer facilitate money transfers from Nigeria to other countries.

The directives followed CBN’s reforms in the FX market to raise foreign exchange liquidity.