CBN: Nigeria records $282m diaspora remittances in Q1 2024

The Central Bank of Nigeria (CBN) reported $282.61 million in total direct foreign exchange (FX) remittances in the first quarter (Q1) of 2024, which is a 6.28% decrease from the $301.57 million remittances recorded in Q1 2023.

The data was obtained from CBN on May 13, 2024.

 

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

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.