Diaspora remittances to Nigeria saw a remarkable increase of 79.4% in the first nine months of 2024, reaching $4.18 billion, compared to $2.33 billion in the same period of 2023.
Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, revealed this at the Monetary Policy Stakeholders Forum in Abuja, attributing the growth to key financial reforms introduced over the past year.
“Beyond monetary policy, the bank undertook critical reforms to strengthen the financial system and ensure macroeconomic stability,” Cardoso said.
He noted that despite inflationary pressures caused by global and domestic shocks, CBN’s policy interventions helped stabilize the economy. The apex bank tightened monetary policy through measures such as increasing the Monetary Policy Rate (MPR) to 27.50% and raising the Cash Reserve Ratio (CRR) of banks to 50%.
Cardoso emphasized that without these interventions, inflation could have surged to 42.81% by December 2024. He reaffirmed the CBN’s commitment to ensuring price stability while supporting economic growth and safeguarding livelihoods.
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