The Central Bank of Nigeria has reported a 63.7 per cent increase in international money transfer operator (IMTO) inflows during the first nine months of 2024.

According to the latest quarterly statistical bulletin released by the CBN, inflows rose from $2.33bn recorded during the same period in 2023 to $3.82bn in 2024.

The significant growth has been attributed to a series of reforms introduced under the leadership of the CBN Governor, Olayemi Cardoso, who assumed office in September 2023.

According to local media reports on Tuesday, the year-on-year analysis of the data revealed consistent increases in monthly remittance inflows throughout the year.

In January, inflows climbed by 32.4 per cent to $390.86m from $295.21m recorded in 2023.

February saw an even larger increase of 67.4 per cent, with inflows rising to $326.91m from $195.23m in the same period the previous year.

March recorded a 30 per cent growth, reaching $363.76m compared to $279.79m in 2023.

The upward trend continued in April with an 83.3 per cent increase in inflows, which rose to $466.11m from $254.26m recorded the year before.

Inflows for May grew by 45.3 per cent to $404.75m, while June saw a 40.2 per cent rise to $389.79m.

According to the report, the growth became more pronounced in July and August, where inflows more than doubled year-on-year. July recorded $552.94m, representing a 130 per cent rise from $240.35m in 2023, while August peaked at $585.21m, a 115.8 per cent increase from $271.24m.

September capped the nine months with inflows of $336.61m, reflecting a 40.9 per cent rise from $238.98m in September 2023.

The data highlights the effectiveness of the central bank’s policies in boosting remittance inflows, which play a critical role in supporting the country’s external reserves and economic stability.

It will be recalled that in January 2024, the CBN issued a circular removing the cap on exchange rates quoted by IMTOs.

GIK/APA