The Central Bank of Nigeria (CBN) reported a 63.7% increase in remittance inflows through international money transfer operators (IMTOs) for the first nine months of 2024. Inflows rose from $2.33 billion in 2023 to $3.82 billion this year.
This growth is attributed to reforms by CBN Governor Olayemi Cardoso, who assumed office in September 2023. Remittance inflows showed consistent monthly growth, with notable increases each month. January saw a 32.4% rise, February surged by 67.4%, and March increased by 30%.
April recorded an 83.3% rise, while May rose by 45.3%. June followed with a 40.2% increase. July and August saw over 100% increases, with August reaching $585.21 million, a 115.8% rise. September ended with $336.61 million, marking a 40.9% increase.
Month-to-month data shows a general upward trend, with occasional fluctuations. February saw a 16.4% decline, while March rebounded with an 11.3% increase. July saw a 41.8% jump, and August saw a 5.8% increase. However, September experienced a 42.5% decline compared to August.