LAGOS, Nigeria (VOICE OF NAIJA)-The Central Bank of Nigeria (CBN) has reported that Nigeria received $282.61 million in direct foreign exchange remittances in the first three months of 2024, according to data on its website.
The data shows a 6.28 percent decrease, or $18.96 million, compared to the $301.57 million in remittances recorded in the first quarter of 2023.
According to Leadership findings it indicate that the removal of the “Naira 4 Dollar” policy by CBN Governor Dr. Olayemi Cardoso, along with forex market volatility and other policies, has led many Nigerians to send forex cash through travelers instead of traditional channels.
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Foreign exchange remittance refers to money transfers from Nigerians abroad to family members or other individuals in the country. These remittances flow into Nigeria through various channels, including international money transfer operators (IMTOs) and banks.
Earlier this year, the CBN announced that dollar transactions through International Money Transfer Operators (IMTOs) would be paid to customers in naira. IMTOs were also required to quote exchange rates for naira payouts to beneficiaries based on prevailing market rates at the official forex market.
In the first quarter of the year, remittances were $138.56 million in January, dropped to $39.14 million in February, and then rose to $104.90 million in March.