Data obtained from the Central Bank of Nigeria (CBN) has showed that direct remittance inflows into Nigeria totaled $1.92 billion in 2024, reflecting a slight decline from the $1.98 billion recorded in the previous year.
Despite this dip, remittances continued to play a critical role in supporting household income and foreign exchange liquidity.
The data also revealed that January and February 2025 have already recorded $180 million in direct remittances, with $125.6 million in January and $54.4 million in February, suggesting a cautious start to the year.
Analysis of the CBN data showed that the year 2024 began with relatively strong inflows of $138.6 million in January.
However, February saw a dramatic decline to $39.1 million, marking the lowest monthly figure of the year.
This drop was likely influenced by seasonal factors and economic uncertainties affecting the diaspora. March saw a modest recovery, with remittances rising to $104.9 million, signaling a gradual stabilisation.
