The Central Bank of Nigeria (CBN) has reported a 17.2 per cent year-on-year (y/y) increase in international payments in February 2025, reaching $497.91 million compared to $424.96 million in February 2024.
This growth was driven by a significant rise in direct remittance payments, which accounted for 25.2 per cent of total international transactions, while debt service and letters of credit payments declined.
Specifically, direct remittance payments rose by 220.8 per cent y/y to $125.58 million (February 2024: $39.15 million) influenced by higher diaspora remittances.
On the other hand, debt service payments declined by 2.3 per cent y/y to $276.73 million (February 2024: $283.22 million), while payments for letters of credit dropped by 6.8 per cent y/y to $95.59 million (February 2024: $102.60 million), partly reflecting lower imports amid weaker consumer demand.
On a month-on-month (m/m) basis, international payments facilitated by CBN declined by 24.5 per cent relative to the $630.64 million recorded in January.
