Personal remittances reached $20.93bn in 2024 – CBN

The Central Bank of Nigeria (CBN) has disclosed that personal remittance inflows jumped to $20.93bn in 2024, showing an 8.9 per cent increase year-on-year.

This was contained in a statement issued on Wednesday by the apex bank while disclosing a balance of payments surplus of $6.83bn for the 2024 financial year.

The statement was signed by the CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali.

The figure highlights a significant turnaround from deficits of $3.34bn and $3.32bn posted in 2023 and 2022, respectively.

The CBN stated that the improvement was due to a mix of macroeconomic reforms, stronger trade performance, and renewed investor confidence.

According to the statement, remittance inflows remained resilient throughout the year, with inflows through International Money Transfer Operators increasing by 43.5 per cent to $4.73bn, up from $3.30bn in the previous year.

The statement read, “Remittance inflows remained resilient, with personal remittances rising by 8.9 per cent to $20.93bn.

“International Money Transfer Operator inflows surged by 43.5 per cent to $4.73bn, up from $3.30bn in 2023, reflecting stronger engagement from the Nigerian diaspora. Official development assistance also rose by 6.2 per cent to $3.37bn.”