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Nigeria Information $282m Diaspora remittances in Q1 2024 – CBN
Nigeria recorded $282.61 million as whole direct international alternate (FX) remittances within the first quarter (Q1) of 2024.
That is in response to information obtained from the web site of the Central Financial institution of Nigeria (CBN) on Might 13.
Nigeria’s direct international alternate remittance refers to cash transfers from Nigerians to members of the family or different people within the nation.
The determine represents a lower of $18.96 million or 6.28 p.c in comparison with the $301.57 million remittances recorded in Q1 2023.
In Q1 this 12 months, the remittances stood at $138.56 million in January, nevertheless, it dropped to $39.14 million in February, earlier than rising to $104.90 million in March.
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The influx of direct remittances into Nigeria is facilitated by means of numerous channels, together with worldwide cash switch operators (IMTOs) and banks.
On April 20, CBN mentioned it had collaborated with IMTOs to collectively decide to doubling remittance flows by means of formal channels into Nigeria.
Additionally, on February 13, the apex financial institution introduced that greenback transactions by means of IMTOs will now be paid to clients in naira.
CBN compelled the IMTOs to cite alternate charges for naira payout to beneficiaries based mostly on the prevailing market charges on the official FX market.
Equally, on January 31, the apex financial institution mentioned IMTOs will now not facilitate cash transfers from Nigeria to different international locations.
The directives adopted CBN’s reforms within the FX market to boost international alternate liquidity.
