The Central Bank of Nigeria, CBN, has disclosed that personal remittance inflows into the country hit an all high of $20.93 billion in 2024, saying the rise represents 8.9 percent compared to the previous 2023.
Personal remittances, according to the World Bank comprise personal transfers and compensation of employees, it also consists of all current transfers in cash or in kind made or received by resident households to or from nonresident households.
The Yemi cardoso-led CBN made this known On Wednesday in a statement issued by Sidi Wakama, the bank’s Acting Director of Corporate Communications.
The apex bank also stated in the statement that Nigeria’s balance of payments surplus has hit $6.83 billion for the same year.
According to the details provided by the CBN, The figure marks a significant leap from deficits of $3.34 billion compared to $3.32 billion recorded in 2023 and 2022, noting that the development was as a result of mix of macro economic reforms by the Tinubu’s administration, which it said has restored confidence in the economy. .
According to the statement, remittance inflows remained resilient throughout the year, with inflows through International Money Transfer Operators increasing by 43.5 per cent to $4.73bn, up from $3.30bn in the previous year.
The statement read, “Remittance inflows remained resilient, with personal remittances rising by 8.9 per cent to $20.93bn.
“International Money Transfer Operator inflows surged by 43.5 per cent to $4.73bn, up from $3.30bn in 2023, reflecting stronger engagement from the Nigerian diaspora. Official development assistance also rose by 6.2 per cent to $3.37bn.”
Discover more from The Source
Subscribe to get the latest posts sent to your email.
