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Diaspora remittances drop 62.4% to $1.96bn in 10 Months

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The Central Bank of Nigeria (CBN) has revealed that Nigerians outside the country sent home $1.96 billion in the first 10 months of 2021.

This was 62.4 percent lower when compared to the $5.21billion recorded in 2020 and $19.2 billion in 2019.

The CBN disclosed this in its latest update on ‘international payment’ data titled direct remittance.

The breakdown of the data revealed, in January 2021, $185million was remitted, while in February, $452million was the total direct remittance.

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According to CBN data, $227million and $165mllion was the total direct remittance between March and April 2019 respectively.

The data also disclosed that total direct remittance dropped to $150million in May; $378million in June and $37.6 billion in July 2021.

For August and September, the apex bank reported $86million, and $224million was remitted to the nation’s economy, respectively.

It added that $51.74million was the total direct remittance in October.

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