Remittance inflows from International Money Transfer Operators (IMTOs) surged to $4.22 billion between January and October 2024, marking a 61% year-on-year increase, according to Central Bank of Nigeria (CBN) Governor Olayemi Cardoso.
Cardoso, speaking to the Senate committee on banking, attributed the rise to improved remittance systems, President Bola Tinubu’s policies, and growing diaspora trust in Nigeria’s development. Monthly inflows rose from $336 million in September to $402 million in October 2024, with expectations of continued growth through year-end.
Nigeria’s external reserves also climbed from $38.35 billion in September to $42.01 billion by mid-December, enough to finance over nine months of imports, surpassing the international benchmark of three months. Cardoso credited crude oil tax receipts and trade balance improvements for the increase.
Despite challenges, Cardoso expressed optimism about the economy’s trajectory, citing forex market stabilization, banking sector recapitalization, and growth in key sectors as indicators of recovery.
