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

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.

READ ALSO: Nigerian banks release names, BVN of customers using lies to buy dollar cheaply

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.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now