Foreign remittance into Nigeria is estimated to hit $20. 9 billion by the end of 2022, compared to $19. 5 billion in remittances inflow recorded in 2021.

This represents a 7.5% rise from the prior year of 2021. This is according to the World Bank’s November report titled “Remittances Brave Global Headwinds Special Focus: Climate Migration” published in November. According to the World Bank, the increase in remittance inflow into Sub-Saharan Africa is due in large part to a resumption of stronger flows to Nigeria, reaching $19. 5 billion on the growth of 13.2 per cent.

Senders had to pay 7. 8% to send $200 to African countries during Q2 2022.The average cost of remitting $200 from countries in the least expensive corridors amounted to 3.4 per cent in the second quarter of 2022.

Cross-border transfer remains a major form of foreign currency repatriation in Sub-Saharan Africa, especially Nigeria.

Nairametrics.