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The Central Bank of Nigeria (CBN) stated that diaspora remittances processed by international money transfer operators totalled $4.22 billion between January and October 2024.
This sum nearly doubles the $2.62 billion reported in the same period in 2023.
CBN Governor Olayemi Cardoso discussed this information with the Senate Committee on Banking, Insurance, and Other Financial Institutions at an interactive session at the National Assembly on Wednesday.
According to Cardoso, the year-on-year increase of around 61.1 per cent represents remarkable growth.
He also presented a monthly study, pointing out that remittances rose from $336 million in September 2024 to $402 million in October 2024.
The governor ascribed the jump to increased remittance system efficiency, the positive results of President Bola Tinubu’s policies, and Nigerians’ rising faith in the diaspora to promote national development.
Cardoso also predicted that remittance inflows will continue to climb by the end of the year, assuming the current trend.
“We maintained a current account surplus and witnessed significant improvement in our trade balance.
“Our external reserves level can finance over 9.09 months of imports of goods and services, or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks,” he said.
On the cash shortfall, the CBN chairman repeated the new policy of imposing a 150 million Naira punishment on any bank branch discovered illegally distributing new Naira notes to currency hawkers and unscrupulous elements.
He went on to say that the Nigerian economy will improve in the fiscal year 2025 as a result of the policies and actions that have already been implemented.
“Distinguished Senators, as we close this briefing, I’d like to emphasise that, despite the challenges confronting our economy, there are compelling grounds for confidence.
“The gradual stabilisation of the forex market, ongoing banking sector recapitalisation, and positive growth trends in key sectors, especially the services sector, indicate a path towards recovery and stability,” Cardoso said.
Senator Adetokunbo Abiru (APC Lagos East), Chairman of the Committee, was impressed with his presentation and stated that he deserved a round of applause, which was not permitted in the Senate.
