The Central Bank of Nigeria has reported a substantial rise in diaspora remittances through International Money Transfer Operators, reaching $4.22 billion between January and October 2024.
This marks a significant increase from the $2.62 billion recorded during the same period in 2023, reflecting the growing importance of remittances to Nigeria’s economy and foreign exchange reserves.
This was disclosed by the CBN Governor, Olayemi Cardoso during an interactive session with the Senate Committee on Banking, Insurance, and Other Financial Institutions on Wednesday at the National Assembly.
Diaspora remittances grew by approximately 61.1% year-on-year, reflecting a significant rise in inflows through IMTOs.
Cardoso provided a monthly breakdown, noting that diaspora remittances increased from $336.61 million in September 2024 to $402.38 million in October 2024.
The CBN governor attributed the rise in remittances to improved efficiency in the remittance process, the positive impact of President Bola Tinubu’s policies, and increased confidence among Nigerians in the diaspora to support national development.
Cardoso predicted that remittance inflows would keep increasing by the end of the year, following the current growth trend.
The World Bank estimates that the Nigerian diaspora remits between $20 billion and $25 billion annually, though these funds are rarely directed toward private equity investments.
