Nigeria has witnessed a robust 63.7% growth in foreign inflows through international money transfer operators (IMTOs), reaching $3.82 billion in the first nine months of 2024, compared to $2.33 billion in the same period in 2023. This surge, detailed in the Central Bank of Nigeria’s (CBN) latest quarterly statistical bulletin, signals strong economic recovery and resilience amid global challenges. Strategic reforms introduced by CBN Governor Olayemi Cardoso, who assumed office in September 2023, have been instrumental in fostering an environment conducive to increased remittances.
Year-on-year analysis reveals steady growth, with remarkable increases in April (83.3%) and August (115.8%), culminating in August’s record inflow of $585.21 million. Monthly trends also highlighted fluctuations, such as February’s 16.4% dip and September’s 42.5% decline following August’s peak. Despite these variances, sustained growth throughout the year underscores the positive impact of CBN’s reforms and policy measures.
Analysts regard this sharp rise as a critical boost to Nigeria’s economic landscape, attributing it to a favorable policy environment and the strategic direction of the CBN. With optimistic forecasts for continued growth, the inflows are expected to further strengthen Nigeria’s economy in the coming months.