CBN Reports Decrease in Foreign Exchange Remittances

The Central Bank of Nigeria (CBN) has disclosed that the country experienced a decline in direct foreign exchange remittances during the first quarter of the year.

According to data sourced from the CBN website, and obtained by Africa health report ( AHR) On Wednesday, the total remittances amounted to $282.61 million, indicating a 6.28% decrease compared to the $301.57 million recorded in the same period last year.

In a statement, Dr. Olayemi Cardoso, the CBN governor, emphasized the impact of policy changes, including the removal of the “Naira 4 Dollar” policy. He cited the volatility of the foreign exchange market and various other policies as contributing factors to the observed decrease in remittances.

The data further revealed a fluctuation in remittance levels throughout the quarter. In January, remittances stood at $138.56 million, followed by a significant drop to $39.14 million in February, before rising again to $104.90 million in March.

The CBN’s recent policy directives have aimed to streamline foreign exchange transactions, particularly those facilitated by International Money Transfer Operators (IMTOs).

Earlier this year, the CBN mandated that dollar transactions through IMTOs be paid out in naira, with exchange rates based on prevailing market rates.

Despite these measures, many Nigerians have reportedly resorted to alternative channels, such as passing forex cash through travellers, amidst the evolving foreign exchange landscape.

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