The Central Bank of Nigeria (CBN) has said the country in the first three months of this year has recorded a total direct foreign exchange remittances of $282.61 million, according to data sourced from its website.
The data shows a 6.28 per cent or $18.96 million decrease compared to $301.57 million in remittances recorded in the first quarter of 2023. Leadership findings show that with the removal of the “Naira 4 Dollar” policy by the CBN governor, Dr Olayemi Cardoso, coupled with the volatility of the foreign exchange and several other policies, many Nigerians had resorted to passing forex cash through travellers.
Foreign exchange remittance refers to money transfers from Nigerians to family members or other individuals in the country. The inflow of direct remittances into Nigeria is facilitated through various channels, including international money transfer operators (IMTOs) and banks.
Earlier in the year, the CBN had announced that dollar transactions through International Money Transfers Operators (IMTOs) are to be paid to customers in naira. It also compelled the IMTOs to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the official forex market.
In the first quarter of the year, remittances stood at $138.56 million in January, however, it dropped to $39.14 million in February, before rising to $104.90 million in March.
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