There has been an increase of $172 million in the direct remittances received in the month of May.
This was derived from the Central Bank of Nigeria data analysis.
$193.31 million remittance was received in the month of April while $365.44 million remittance was received in May. This indicate a 90% increase in remittance received in May.
This shows that there is an increase in foreign currency inflow which indicate a positive development in the country.
This increase is reflective of efforts by the CBN to enhance foreign currency remittance flows through formal channels.
The CBN recently approved in principle 14 new International Money Transfer Operators in response to the challenges hindering remittance flow.
The remittance received has been fluntuating over the month before the huge increase in May.
In January remittance received was $138.56 million, $39.14 million in February, $104.90 million in March, $193.31 million in April and $365.44 million in may.
This initiative aims to streamline processes and eliminate bottlenecks, thereby encouraging more remittances through official channels.
“We are wasting no time driving progress to remove any bottlenecks hindering flows through formal channels permanently. We have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with key stakeholders in the remittance industry,” The Acting Director of Corporate Communications at the CBN, Sidi Ali, said.
Earlier, it was reported that the country recorded a total foreign exchange inflow of approximately $24 billion in the first quarter of 2024.
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