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Diaspora remittances fall 6.28% to $282.61 million in Q1 2024 amid CBN’s reforms

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Nigeria recorded $282.61 million as total direct foreign exchange (FX) remittances in the first quarter (Q1) of 2024.

The figure represents a decrease of $18.96 million or 6.28% compared to the $301.57 million diaspora remittances recorded in Q1 2023.

This is according to international payment data from the website of the Central Bank of Nigeria (CBN).

Nigeria’s direct foreign exchange remittance refers to money transfers from other countries to family members or other individuals in the country.

The CBN data covers direct diaspora remittances into Nigeria facilitated through international money transfer operators (IMTOs).

The year-over-year data reveals fluctuations that could be influenced by economic factors, policy changes, or other external variables affecting remittance flows during these periods.

The CBN activated plans to double foreign-currency remittance flows through formal channels by granting 14 new (IMTOs) Approval-in-Principle (AIP), according to the Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali on Wednesday.

Sidi Ali noted that increasing formal remittance flows will help the historical volatility in Nigeria’s exchange rate caused by external factors, such as fluctuations in foreign investment and oil export proceeds.