The Central Financial institution of Nigeria has revealed that diaspora remittances processed by means of Worldwide Cash Switch Operators reached $4.22bn between January and October 2024.
This determine practically doubles the $2.62bn recorded throughout the identical interval in 2023.
CBN Governor Olayemi Cardoso shared this info whereas addressing the Senate Committee on Banking, Insurance coverage, and Different Monetary Establishments throughout an interactive session held on the Nationwide Meeting on Wednesday.
Based on Cardoso, the year-on-year improve of roughly 61.1 per cent displays vital progress.
He additionally supplied a month-to-month evaluation, highlighting that remittances elevated from $336m in September 2024 to $402m in October 2024.
The governor attributed this surge to improved effectivity within the remittance system, the favorable results of President Bola Tinubu’s insurance policies, and the rising belief amongst Nigerians within the diaspora to assist nationwide growth.
Cardoso additional projected that remittance inflows would proceed to rise by the tip of the 12 months, given the present trajectory.
Based on the World Financial institution, the Nigerian diaspora remits between $20bn and $25bn yearly, although these funds are usually not sometimes channeled in the direction of personal fairness investments.
The worldwide monetary establishment emphasised that remittances are a significant supply of family earnings for Low- and Center-Earnings Nations.
They play a big function in assuaging poverty and enhancing vitamin and are linked to raised outcomes reminiscent of larger beginning weights and elevated faculty enrolment charges amongst deprived households.
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Cardoso additionally declared that the nation’s $42bn exterior reserves can finance the importation of products and companies for greater than 9 months.
That is because the apex financial institution assured Nigerians of higher financial fortunes in 2025.
Based on the CBN governor, “Exterior Reserves rose from $38.35bn on September 30, 2024, to $42.01bn as of December 12, 2024.
The rise in exterior reserves inside the acknowledged interval, he defined, was pushed largely by receipts from crude oil-related taxes and third-party receipts in Q3 2024.
“We maintained a present account surplus and noticed outstanding enhancements in our commerce stability.
“Our exterior reserves stage can finance over 9.09months of import of products and companies or 13.91 months solely, larger than the worldwide benchmark of three.0 months and a sturdy buffer in opposition to shocks,” he mentioned.
On money scarcity, the CBN boss reiterated the appliance of the brand new coverage of an N150m wonderful in opposition to any department of Banks caught indulging within the unlawful distribution of recent Naira notes to foreign money hawkers and unscrupulous components.
He added that the Nigerian economic system will take a greater form within the 2025 fiscal 12 months by means of insurance policies and measures that had been placed on the bottom.
“Distinguished Senators, as we conclude this briefing, I wish to spotlight that regardless of the challenges dealing with our economic system, there are clear causes for optimism.
“The gradual stabilization of the foreign exchange market, ongoing banking sector recapitalization, and constructive progress traits in key sectors, particularly the companies sector, point out a path towards restoration and stability,” he mentioned.
Impressed along with his presentation, the Chairman of the Committee, Senator Adetokunbo Abiru (APC Lagos East), mentioned he deserved a spherical of applause, which was not allowed within the Senate.