In 2024, Nigeria experienced an 8.9% increase in personal remittances, totaling $20.93 billion, according to the Central Bank of Nigeria (CBN).
The disclosure was made in a statement released on Wednesday by the Central Bank while announcing a balance of payments surplus of $6.83 billion for the 2024 financial year.
The statement was signed by Mrs. Hakama Sidi-Ali, Acting Director of Corporate Communications at the CBN.
This growth was significantly bolstered by a 43.5% surge in inflows through International Money Transfer Operators (IMTOs), which rose from $3.30 billion in 2023 to $4.73 billion in 2024, reflecting stronger engagement from the Nigerian diaspora.
The CBN also reported a balance of payments surplus of $6.83 billion for 2024, a notable improvement compared to deficits of $3.34 billion in 2023 and $3.32 billion in 2022.
This positive shift is attributed to economic reforms, enhanced trade performance, and renewed investor confidence. Additionally, official development assistance increased by 6.2% to $3.37 billion, further supporting the nation’s economic stability.
