The Central Bank of Nigeria’s (CBN) latest quarterly statistical bulletin has revealed a significant 63.7% increase in international money transfer operator (IMTO) inflows for the first nine months of 2024.
Inflows rose from $2.33 billion during the same period in 2023 to $3.82 billion in 2024.
This growth has been largely attributed to a series of targeted reforms introduced under the leadership of Governor Olayemi Cardoso, who assumed office in September 2023.
The year-on-year analysis of the data highlights consistent increases in monthly remittance inflows throughout 2024. In January, inflows rose by 32.4%, jumping from $295.21 million in 2023 to $390.86 million in 2024. This upward trend continued in February, with a staggering 67.4% increase to $326.91 million from $195.23 million the previous year. March followed with a 30% rise, recording $363.76 million compared to $279.79 million in 2023.
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April saw one of the most significant year-on-year increases, with inflows rising by 83.3% to $466.11 million from $254.26 million in 2023. In May, inflows grew by 45.3%, reaching $404.75 million, while June recorded a 40.2% increase to $389.79 million. The growth trajectory became even more pronounced in July and August, with inflows skyrocketing by over 100% each month. July posted $552.94 million compared to $240.35 million in 2023, while August peaked at $585.21 million, a 115.8% increase from $271.24 million. September capped the nine-month period with inflows of $336.61 million, reflecting a 40.9% rise from $238.98 million in September 2023.
A month-on-month analysis of 2024 data highlights a general upward trend in remittance inflows, albeit with some fluctuations. In January, inflows were strong at $390.86 million but dipped by 16.4% in February to $326.91 million. March saw a rebound, with inflows increasing by 11.3% to $363.76 million. This momentum continued in April, where inflows surged by 28.1% to $466.11 million. However, May recorded a slight dip of 8.3% to $404.75 million, before rising again in June by 7.8% to $389.79 million.
The most notable month-on-month increase came in July, with inflows surging by 41.8% to $552.94 million. August continued the upward trajectory with a 5.8% increase to $585.21 million, the highest monthly inflow recorded during the nine-month period. However, inflows eased in September, declining by 42.5% to $336.61 million compared to August’s peak.
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