Diaspora remittances skyrocket by 433% to $1.3bn in February, says CBN

In a notable revelation, the Central Bank of Nigeria (CBN) has announced a remarkable surge in diaspora remittances, soaring from $300 million in January to a staggering $1.3 billion in February. This revelation was made by Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN, on Thursday.

Ali highlighted a substantial increase in foreign investors’ interest in Nigeria during the same period, underscoring the nation’s growing appeal to global investors.

“The Bank’s data indicates that overseas remittances rose to US$1.3 billion in February 2024, more than four times the US$300 million received in January,” she stated.

This surge in remittances comes amidst CBN Governor Olayemi Cardoso’s recent address during the 293rd Monetary Policy Committee meeting. Cardoso outlined a comprehensive plan aimed at addressing inflation, managing foreign crises, and implementing measures such as a hike in interest rates to 22.75%.

The surge in diaspora remittances reflects a positive outlook for Nigeria’s economic landscape, signaling increased confidence from both domestic and international stakeholders.”