Between January and June 2022, Nigerians received $10.11 billion in diaspora remittances, a 9.6% increase over the $9. 23 billion received during the same time period in 2021. Nigeria’s diaspora remittance inflow climbed slightly by 0.9% from $10. 02 billion to the second half of 2021.
The CBN Naira4dollar policy continues to promote remittance inflows into the Nigerian economy, which has led to a rise in remittance inflows to their highest level since the second half of 2019.
Nigeria’s current account balance increased to a 9-year high of $7. 7 billion in the first half of 2022, a major improvement from the negative balance of $2. 98 billion recorded in the first half of 2021 and five times higher than the $1. 13 billion recorded in the second half of previous year.
An rise in remittances from the diaspora and an increase in the proceeds from the sale of crude oil are responsible for the improvement in the country’s current account balance.