Diaspora remittances rose by 61% – CBN

Mariam Abeeb

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.
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 favorable 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.
According to the World Bank, the Nigerian diaspora remits between $20bn and $25bn annually, though these funds are not typically channeled towards private equity investments.
The global financial institution emphasized that remittances are a vital source of household income for Low- and Middle-Income Countries.
They play a significant role in alleviating poverty and improving nutrition and are linked to better outcomes such as higher birth weights and increased school enrolment rates among disadvantaged households.
Cardoso also declared that the country’s $42bn external reserves can finance the importation of goods and services for more than nine months.
This is as the apex bank assured Nigerians of better economic fortunes in 2025.
According to the CBN governor, “External Reserves rose from $38.35bn on September 30, 2024, to $42.01bn as of December 12, 2024.
The increase in external reserves within the stated period, he explained, was driven largely by receipts from crude oil-related taxes and third-party receipts in Q3 2024.