The Central Bank of Nigeria has revealed that diaspora remittances processed through International Money Transfer Operators reached $4.22bn between January and October 2024.
This figure nearly doubles the $2.62bn recorded during the same period in 2023. CBN Governor Olayemi Cardoso shared this information while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions during an interactive session held at the National Assembly on Wednesday.
According to Cardoso, the year-on-year increase of approximately 61.1 per cent reflects significant growth. He also provided a monthly analysis, highlighting that remittances increased from $336m in September 2024 to $402m in October 2024.
The governor attributed this surge to improved efficiency in the remittance system, the favourable effects of President Bola Tinubu’s policies, and the growing trust among Nigerians in the diaspora to support national development. Cardoso further projected that remittance inflows would continue to rise by the end of the year, given the current trajectory.
