TUE AUG 20 2024-theGBJournal| Remittances inflows into Nigeria reached US$553 million in July 2024, a 130% increase from the corresponding period in 2023, and an all-time high, according to the Central Bank of Nigeria (CBN).
According to the CBN, this figure represents the highest monthly total inflows on record and reflects its ongoing efforts to enhance liquidity in Nigeria’s foreign exchange market.
The apex bank adds that, the substantial growth in remittances receipts is attributable to its policy measures introduced which includes, granting licenses to new International Money Transfer Operators (MTOs), implementing a willing buyer-seller model, and enabling timely access to Naira liquidity for IMTOs.
Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.
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