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CBN Recorded Highest Remittance Inflow Of $553 Million In July - Business - Nairaland 3w1y18

CBN Recorded Highest Remittance Inflow Of $553 Million In July (9673 Views)

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LegendHero(m): 5:43pm On Aug 20, 2024
The Central Bank of Nigeria has announced a significant increase in remittance inflows, reaching $553m in July 2024.

It said the amount is a 130 per cent increase from the corresponding period in 2023.

A statement by the apex bank’s acting Director of Corporate Communications, Hakama Ali on Tuesday, noted that the figure represented the highest monthly total inflows on record and reflects ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

The statement read, “The CBN has reported a significant increase in remittance inflows, reaching $553 million in July 2024, a 130 per cent increase from the corresponding period in 2023.

“This figure represents the highest monthly total inflows on record and reflects ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market.”

The statement explained that the substantial growth in remittance receipts was attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market.

The CBN added that diaspora remittances have remained a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.

It said, “These measures included granting licenses to new International Money Transfer Operators, implementing a willing buyer-willing 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.’

The CBN said its initiatives have ed continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year.

The statement added, “The increase in remittances is a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.”

Recent data from the National Bureau of Statistics revealed that Nigeria’s year-on-year headline inflation rate slowed in July 2024, for the first time in 19 months.

CBN said the development is a clear indication that its monetary policy tightening measures are delivering results.

“The CBN anticipates that these measures will contribute to achieving its broader objective of maintaining stability in the foreign exchange market. The Bank will continue to monitor market conditions and adjust policies as necessary to enable greater remittance flows into Nigeria,’ the statement added.

Source: https://punchng.com/cbn-recorded-highest-remittance-inflow-of-553m-in-july-official/?amp

12 Likes 1 Share

Paraman: 5:45pm On Aug 20, 2024
Toh

4 Likes

LegendHero(m): 5:47pm On Aug 20, 2024
130% increase from 2023 same period is very good.

But I want that figure to be up to $1billion + per month. Cardoso you can do this.

It said the amount is a 130 per cent increase from the corresponding period in 2023.

25 Likes 2 Shares

Nomercie: 5:48pm On Aug 20, 2024
Osukwu will not be happy with this news.

19 Likes 1 Share

igwedubai2(m): 6:07pm On Aug 20, 2024
Nice 👍

3 Likes

francisisking: 6:07pm On Aug 20, 2024
Reduce the people's purchasing power is tilumbu economic policy by taxing the people of all their hard earned money

17 Likes

joseph1832(m): 6:07pm On Aug 20, 2024
Hmm. Yet we won't see or even know which agencies remitted and which didn't remit, neither will we know what the money is used for.

2 Likes

omowolewa: 6:07pm On Aug 20, 2024
Better
nedu666: 6:07pm On Aug 20, 2024
See the way cbn is acting like they are responsible for increase on foreign remittance

22 Likes

GboyegaD(m): 6:08pm On Aug 20, 2024
What is the major purpose of the remittance? If it is to family back home, I am not sure this is an achievement except if the government expects hardworking Nigerians to depend on family abroad.

22 Likes 2 Shares

fasho01(m): 6:08pm On Aug 20, 2024
Of what use is this stats to the common man

5 Likes 1 Share

winterfell007(m): 6:08pm On Aug 20, 2024
Someone please explain how this will change the current mood in the
Country?

9 Likes

Hezzyluv: 6:08pm On Aug 20, 2024
Okay ooo
AutoChick4U(f): 6:09pm On Aug 20, 2024
LegendHero:
130% increase from 2023 same period is very good.

But I want that figure to be up to $1billion + per month. Cardoso you can do this.



your bank will bill u more

1 Like

Abbeytoy(m): 6:09pm On Aug 20, 2024
This is commendable

3 Likes

kennyz247(m): 6:10pm On Aug 20, 2024
Will ds bring down price of food in the market

6 Likes 1 Share

Forumites: 6:10pm On Aug 20, 2024
Useless inflow when Nigerians are groaning in abject hunger and poverty. Anyway where I come from e no concern me.

8 Likes

Hemanwel(m): 6:10pm On Aug 20, 2024
Yet the country is still borrowing to run the economy
LegendHero(m): 6:11pm On Aug 20, 2024
nedu666:
See the way cbn is acting like they are responsible for increase on foreign remittance

Who is responsible? Tell us.

16 Likes 1 Share

tommy589(m): 6:11pm On Aug 20, 2024
Ok
ogolemati: 6:11pm On Aug 20, 2024
grin grin grin grin grin grin grin grin grin grin anything is now news grin grin grin grin ok because of this dollar will be #150 by next week . keep up with the newsletter

3 Likes

flyinnizam(m): 6:11pm On Aug 20, 2024
all tinubu care about is IGR. other things can go tell hell. Lagos knew this and decided to vote against him but osun, ogun, ekiti, ondo said emi lo kan.

modified Adeleke rigged osun election votes same way wike rigged Rivers vote

1 Like

LegendHero(m): 6:11pm On Aug 20, 2024
AutoChick4U:
your bank will bill u more

I don’t think you understand what is being discussed

7 Likes

Tjra: 6:12pm On Aug 20, 2024
This thread no go 2 pages. Obidients will read and quietly leave. They and their Master only react to bad news.

7 Likes 1 Share

Treasure17(m): 6:14pm On Aug 20, 2024
Mtcheeew
MANNABBQGRILLS: 6:14pm On Aug 20, 2024
Wt it show on the masses.
That is all that matters

2 Likes 3 Shares

ruggedboych: 6:14pm On Aug 20, 2024
LegendHero:
130% increase from 2023 same period is very good.

But I want that figure to be up to $1billion + per month. Cardoso you can do this.




Your Cardozo is a dullard, try and error CBN governor

3 Likes

Greenfusion: 6:15pm On Aug 20, 2024
Inflow that doesn't affect Nigerians positively......audio nonsense

4 Likes 1 Share

THilfiger(m): 6:15pm On Aug 20, 2024
Why quoting in dollars? Are you pay Nigerian workers in dollars.

3 Likes

LegendHero(m): 6:18pm On Aug 20, 2024
ruggedboych:


Your Cardozo is a dullard, try and error CBN governor

Learn how to spell “trial and error” first.

6 Likes 1 Share

RepoMan007: 6:18pm On Aug 20, 2024
The statement added, “The increase in remittances is a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.”
Always interpreting data as growth yet the masses see something else

5 Likes

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