Diaspora remittances up 79% to $4bn in 9M’24 — Cardoso

EMMA UJAH FROM VANGUARD

Diaspora remittances through International Money Transfers Operators (IMTOs) rose massively to $4.18 billion in the first three quarters of 2024 (9M’24), about 79.4 percent above the $2.33 billion in the same period of 2023.

Governor of the Central Bank of Bank (CBN), Mr. Olayemi Cardoso, disclosed this at the Monetary Policy Stakeholders Forum, in Abuja, yesterday.

He attributed the positive development to the various reforms introduced by apex bank in the past one year.

He stated: “Beyond monetary policy, the bank undertook critical reforms to strengthen the financial system and ensure macroeconomic stability.

“This reform yielded tangible results, with remittances through IMTOs rising 79.4 percent in the first three quarters of 2024 to US$4.18 billion, compared to US$2.33 billion in the same period of 2023.”