Yemisi Izuora
The Central Bank of Nigeria (CBN) has reported a significant increase in remittance inflows, reaching $553 million in July 2024.
The figure represents a 130 per cent increase from the corresponding period in 2023 and the highest monthly total inflows on record.
This further reflects ongoing efforts by the CBN to enhance liquidity in Nigeria’s foreign exchange market.
The substantial growth in remittance receipts is attributable to policy measures introduced by the CBN to enhance liquidity in Nigeria’s foreign exchange market. These measures include granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller model, and enabling timely access to naira liquidity for IMTOs.
Diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments. The CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year.
The increase in remittances is a strong testament to the success of the CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.
Recent data from the National Bureau of Statistics (NBS) revealed that Nigeria’s year-on- year headline inflation rate slowed in July 2024, for the first time in 19 months – a clear indication that the CBN’s monetary policy tightening measures are delivering results.
The CBN anticipates that these measures will contribute to achieving its broader objective of maintaining stability in the foreign exchange market. The Bank will continue to monitor market conditions and adjust policies as necessary to enable greater remittance flows into Nigeria.
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TOKUNBO VEHICLE FOR SALE AT CHEAPER AFFORDABLE PRICE CONTACT THE OFFICER IN CHANGER FOR MORE INFORMATION O8O__6739__9O9O
*BAGS OF RICE FOR SALES IN CHEAPER AND AFFORDABLE PRICE #25,500 DELIVERY PER BAG #5000
**CLOTHES FOR BALE 50kg FOR #35,000, 100kg for #70,000 and 150kg for #120,000
THE REPLACEMENT FORM IS ALSO AVAILABLE NOW IS GOING ON FOR INTERESTED CANDIDATE SHOULD CONTACT or WHATSAPP THE OFFICER INCHARGE (O8O__6739__9O9O)
*SOME AVAILABLE TOKUNBO VEHICLES*
Golf 2,3,4 ₦650,000 – #1million
PEUGEOT 206 #650,000
PEUGEOT 306 #800,000
PEUGEOT 307 #1,000,000
PEUGEOT 406 #1,200,000
PEUGEOT 407 #1,300,000
PEUGEOT 504 #1,500,000
PEUGEOT J5 #1.500,000
TOYOTA CAMRY 2.2 TING-A-LING HT ₦2,000,000
TOYOTA CAMRY BIG-DADDY ₦4,000,000
TOYOTA CAMRY MUSCLE ₦4,000,000
TOYOTA CAMRY SPIDER ₦3,500,000
TOYOTA AVALON ₦3,000,000
TOYOTA AVENSIS ₦2,500,000
TOYOTA COROLLA ₦2,500,000
TOYOTA YARIS ₦1,500,000
TOYOTA MATRIX ₦2,000,000
TOYOTA PICNIC ₦2,000,000
TOYOTA SIENNA ₦4,800,000
TOYOTA VENZA ₦4,000,000
TOYOTA RAV4 ₦4,000,000
TOYOTA 4RUNNER ₦4,500,000
TOYOTA HIANCE -BUS ₦5,500,000
TOYOTA HIGHLANDER ₦6,500,000
TOYOTA LAND CRUISER ₦8,000,000
TOYOTA TUNDRA ₦9,000,000
TOYOTA PRADO ₦9,000,000
MERCEDES-BENZ C-CLASS ₦3,000,000
MERCEDES-BENZ E-Class ₦3,500,000
MERCEDES-BENZ G-Class ₦4,000,000
MERCEDES-BENZ GLK ₦4,500,000
MERCEDES BENZ ML₦5,000,000
NISSAN ALTIMA ₦6,500,000
NISSAN ARMADA ₦6,500,000
NISSAN MAXIMA N2,000,000
NISSAN MURANO ₦6,000,000
NISSAN PRIMER ₦6,000,000
NISSAN PATHFINDER ₦6,000,000
HONDA ACCORD ₦2,500,000
HONDA CITY ₦2,000,000
HONDA CIVIC ₦2,500,000
HONDA C-RV ₦3,000,000
HONDA CROSS TOUR ₦1,500,000
HONDA ELEMENT ₦2,000,000
HONDA EVILSPIRIT ₦1,500,000
HONDA ODYSSEY ₦1,200,000
HONDA PILOT ₦5,500,000
LEXUS IS300 #2,500,000
LEXUS Ex300 #3,000,000
LEXUS Ex330 #3,500,000
LEXUS Ex350 #4,000,000
LEXUS RX300 #3,000,000
LEXUS Rx330 ₦3,500,00
Lexus Rx350 ₦4,500,000
LEXUS Rx460 ₦5,200,000
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N. C. S
CLEAN TOKUNBO VEHICLE FOR SALE AT CHEAPER AFFORDABLE PRICE CONTACT THE OFFICER IN CHANGER FOR MORE INFORMATION O8O__6739__9O9O
*BAGS OF RICE FOR SALES IN CHEAPER AND AFFORDABLE PRICE #25,500 DELIVERY PER BAG #5000
**CLOTHES FOR BALE 50kg FOR #35,000, 100kg for #70,000 and 150kg for #120,000
THE REPLACEMENT FORM IS ALSO AVAILABLE NOW IS GOING ON FOR INTERESTED CANDIDATE SHOULD CONTACT or WHATSAPP THE OFFICER INCHARGE (O8O__6739__9O9O)
*SOME AVAILABLE TOKUNBO VEHICLES*
Golf 2,3,4 ₦650,000 – #1million
PEUGEOT 206 #650,000
PEUGEOT 306 #800,000
PEUGEOT 307 #1,000,000
PEUGEOT 406 #1,200,000
PEUGEOT 407 #1,300,000
PEUGEOT 504 #1,500,000
PEUGEOT J5 #1.500,000
TOYOTA CAMRY 2.2 TING-A-LING HT ₦2,000,000
TOYOTA CAMRY BIG-DADDY ₦4,000,000
TOYOTA CAMRY MUSCLE ₦4,000,000
TOYOTA CAMRY SPIDER ₦3,500,000
TOYOTA AVALON ₦3,000,000
TOYOTA AVENSIS ₦2,500,000
TOYOTA COROLLA ₦2,500,000
TOYOTA YARIS ₦1,500,000
TOYOTA MATRIX ₦2,000,000
TOYOTA PICNIC ₦2,000,000
TOYOTA SIENNA ₦4,800,000
TOYOTA VENZA ₦4,000,000
TOYOTA RAV4 ₦4,000,000
TOYOTA 4RUNNER ₦4,500,000
TOYOTA HIANCE -BUS ₦5,500,000
TOYOTA HIGHLANDER ₦6,500,000
TOYOTA LAND CRUISER ₦8,000,000
TOYOTA TUNDRA ₦9,000,000
TOYOTA PRADO ₦9,000,000
MERCEDES-BENZ C-CLASS ₦3,000,000
MERCEDES-BENZ E-Class ₦3,500,000
MERCEDES-BENZ G-Class ₦4,000,000
MERCEDES-BENZ GLK ₦4,500,000
MERCEDES BENZ ML₦5,000,000
NISSAN ALTIMA ₦6,500,000
NISSAN ARMADA ₦6,500,000
NISSAN MAXIMA N2,000,000
NISSAN MURANO ₦6,000,000
NISSAN PRIMER ₦6,000,000
NISSAN PATHFINDER ₦6,000,000
HONDA ACCORD ₦2,500,000
HONDA CITY ₦2,000,000
HONDA CIVIC ₦2,500,000
HONDA C-RV ₦3,000,000
HONDA CROSS TOUR ₦1,500,000
HONDA ELEMENT ₦2,000,000
HONDA EVILSPIRIT ₦1,500,000
HONDA ODYSSEY ₦1,200,000
HONDA PILOT ₦5,500,000
LEXUS IS300 #2,500,000
LEXUS Ex300 #3,000,000
LEXUS Ex330 #3,500,000
LEXUS Ex350 #4,000,000
LEXUS RX300 #3,000,000
LEXUS Rx330 ₦3,500,00
Lexus Rx350 ₦4,500,000
LEXUS Rx460 ₦5,200,000
LO8O__6739__9O9O