Remittances From Diaspora Nigerians Hit $4.2bn In 10 Months—Cardoso
2 years ago 2 min read
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The Central Bank of Nigeria (CBN) has disclosed that diaspora remittances through International Money Transfer Operators (IMTOs) hit $4.22bn between in the first 10 months of 2024.
The apex bank said the figure is 61 per cent or $2.62bn higher than the amount recorded during the same period between January to October 2023.
This was disclosed by the CBN Governor, Olayemi Cardoso, during an interactive session with the Senate Committee on Banking, Insurance, and Other Financial Institutions.
According to him, remittances rose on a month-on-month basis $336m in September 2024 to $402m in October 2024.
The governor was optimistic that remittances would continue to rise following sustained reforms.
He further explained that the country’s $42bn gross external reserves can finance the importation of goods and services for more than nine months.
He said, “External reserves rose from $38.35bn on September 30, 2024, to $42.01bn as of December 12, 2024.
“The increase in external reserves within the stated period, he explained, was driven largely by receipts from crude oil-related taxes and third-party receipts in Q3 2024.
“We maintained a current account surplus and saw remarkable improvements in our trade balance.
“Our external reserves level can finance over 9 months of import of goods and services, higher than the international benchmark of 3 months and a robust buffer against shocks.”
Cardoso said that the Nigerian economy would grow by the 2025 fiscal year.
The governor said, “Distinguished Senators, as we conclude this briefing, I want to highlight that despite the challenges facing our economy, there are clear reasons for optimism.
“The gradual stabilisation of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”
