Diaspora remittances dropped by $18m in Q1 2024 – CBN - Ripples Nigeria
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Diaspora remittances dropped by $18m in Q1 2024 – CBN

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Naira closes strong against U.S dollar on Tuesday

Remittances from Nigerians in Diaspora dropped by $18.9 million in the first quarter of this year.

The Central Bank of Nigeria (CBN) revealed this in its international payment data posted on its website.

According to the apex bank, Nigeria recorded $282.61 million as total direct foreign exchange remittances in the first quarter of 2024.

This was $18.9 million lower than the $301.57 million diaspora remittances recorded in the same period of last year.

READ ALSO: CBN to clampdown on currency speculators, restricts diaspora remittances

In January, remittances stood at nearly $138.56 million, representing approximately 75% growth year-over-year for the month alone.

The country recorded remittances of $83.76 million in February 2023 while it dropped to $39.15 million in the same month this year.

This 53% drop in February’s remittances year-over-year showed a pronounced volatility in remittance inflows during this month.

March 2023 was a strong month with remittances peaking at $138.63 million.

However, the remittances dropped by 24% in March this year to $104.91 million.

The year-over-year data revealed fluctuations that could be influenced by economic factors, policy changes, or other external variables affecting remittance flows during these periods.

By: Babajide Okeowo

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