Foreign exchange inflows through International Money Transfer Operators (IMTOs) into Nigeria rose sharply to $4.76 billion in 2024, representing a 44.5% increase compared to $3.30 billion recorded in 2023.
According to the Central Bank of Nigeria (CBN) quarterly statistical bulletin, the inflows reflect growing reliance on remittances as a vital foreign exchange source for households and businesses amid continued pressure on Nigeria’s currency markets.
Monthly data showed consistent growth, particularly in the first half of the year. January saw inflows jump 32.5% year-on-year to $390.86 million from $295.21 million in January 2023. February followed with a 67.3% increase, hitting $326.91 million compared to $195.23 million the previous year.
The upward trend continued into March with inflows rising to $363.76 million, up 30% from $279.79 million in March 2023.
April marked a standout month with IMTO inflows reaching $466.11 million — an 83.3% year-on-year rise from $254.26 million in April 2023.
In May, inflows rose by 45.3% to $404.75 million compared to $278.54 million in the same month of 2023. June maintained solid momentum with inflows of $389.79 million, reflecting a 40.2% year-on-year increase.
The sharpest growth came mid-year. July inflows hit $552.94 million, more than doubling the $240.35 million recorded in July 2023 — a 130% jump. August followed closely with $585.21 million in inflows, up 116% from $271.24 million in August the previous year.
Together, July and August contributed nearly one-fourth of the total inflows for the year.
“The surge in IMTO inflows is closely tied to the reforms introduced by the CBN under Governor Cardoso since his assumption of office in September 2023,” the report noted.
However, the final quarter of the year displayed more variation. September brought in $336.61 million — a 40.8% increase from the same period in 2023. In October, inflows reached $378.85 million, up 29.1% year-on-year.
November, however, saw a decline with inflows falling to $252.28 million, down 22.1% compared to $324.20 million in November 2023. December wrapped the year with a rebound, reaching $316.59 million, showing a modest 9.1% uptick from the $348.33 million recorded the previous December.
Despite seasonal changes and economic uncertainty, the overall jump in remittance-driven forex inflows has provided a buffer for Nigeria’s FX reserves and has reinforced the role of IMTOs in economic support.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
