ABUJA (Sundiata Post) – Nigeria recorded a total of $282.61 million in direct foreign exchange (FX) remittances in the first quarter (Q1) of 2024, a decrease of $18.96 million or 6.28% compared to the $301.57 million received in Q1 2023.
The data, published by the Central Bank of Nigeria (CBN) on its website, showed a decline in remittances across all three months of the quarter. January saw $138.56 million, February dropped to $39.14 million, and March rose slightly to $104.90 million.
International money transfer operators (IMTOs) and banks are the primary channels for direct remittances into Nigeria. In April, the CBN announced a partnership with IMTOs to triple the amount of remittances entering the country through official channels.
Furthermore, the CBN declared in February that consumers would receive payments in naira for dollar transactions made using IMTOs. The apex bank also mandated IMTOs to quote exchange rates for naira payouts based on prevailing market rates in the official FX market.
On January 31, the CBN restricted IMTOs from facilitating money transfers from Nigeria to other countries. This directive followed policy reforms implemented by the CBN to increase FX liquidity in the market.
