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


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



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

Join the conversation


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

Exit mobile version