Remittances from Nigeria’s diaspora have increased significantly; in the first nine months of 2024, inflows increased by 63.7%.
According to the Central Bank of Nigeria (CBN), remittances increased from $2.33 billion in 2023 to $3.82 billion by 2024.
The measures put in place by CBN Governor Olayemi Cardoso, who took office in September 2023, are primarily responsible for this increase.
Supported by President Bola Tinubu’s policies, the reforms have improved the remittance system’s efficiency and encouraged greater trust among Nigerians living abroad to aid in the country’s growth.
A monthly breakdown reveals consistent growth in remittance inflows:
- January 2024: $390.86 million, a 32.4% increase from January 2023.
- February 2024: $326.91 million, a 67.4% rise from February 2023.
- March 2024: $363.76 million, a 30% increase from March 2023.
- April 2024: $466.11 million, an 83.3% rise from April 2023.
- May 2024: $404.75 million, a 45.3% increase from May 2023.
- June 2024: $389.79 million, a 40.2% rise from June 2023.
- July 2024: $552.94 million, a 130% increase from July 2023.
- August 2024: $585.21 million, a 115.8% rise from August 2023.
- September 2024: $336.61 million, a 40.9% increase from September 2023.
Remittances rose from $336 million in September 2024 to $402 million in October 2024.
Given the current trajectory, Governor Cardoso predicts that remittance inflows will continue to increase and might reach $1 billion per month by the end of the year.
Nigeria’s foreign exchange reserves and national development are greatly aided by these remittances, which are an essential source of household income for low- and middle-income nations.
