Abuja, Dec. 19, 2024 – Diaspora remittances through the Central Bank of Nigeria (CBN) rose to $4.22 billion between January and October 2024.
Olayemi Cardoso, the Governor of the apex bank, disclosed this during an interactive session to the senate committee on banking, insurance, and other financial institutions on Wednesday.
He said the money, which were remitted through the International Money Transfer Operators (IMTOs), is 61 percent or $2.62 billion higher than the amount recorded during the same period in 2023.
Cardoso said, on a month-on-month basis, the remittances increased from $336 million in September 2024 to $402 million in October 2024.
Cardoso attributed the rise of the remittances to improved efficiency in the remittance system, the favorable effects of President Bola Tinubu’s policies, and the growing trust among Nigerians in the diaspora to support national development.
He expressed optimism that the remittance would continue to rise by the end of the year given the current trajectory.
