Inflows through IMTOs grows by 63.7% in 9 months

From Adanna Nnamani, Abuja

The Central Bank of Nigeria (CBN) has reported a 63.7% increase in inflows through international money transfer operators (IMTOs) in the first nine months of 2024.

According to the CBN’s latest quarterly statistical bulletin, inflows rose from $2.33 billion in 2023 to $3.82 billion in 2024.

This surge is attributed to strategic reforms implemented by CBN Governor Olayemi Cardoso, who took office in September 2023. A year-on-year analysis shows consistent monthly growth in remittance inflows, with notable increases each month.

January saw a 32.4% rise, increasing from $295.21 million in 2023 to $390.86 million in 2024. February saw a 67.4% increase, reaching $326.91 million, while March recorded a 30% rise, reaching $363.76 million.

April saw a remarkable 83.3% rise, reaching $466.11 million, and May saw a 45.3% increase to $404.75 million. June followed with a 40.2% increase, bringing inflows to $389.79 million. The growth accelerated in July and August, where inflows surged by over 100% each month. July recorded $552.94 million, a rise from $240.35 million, while August reached $585.21 million, marking a 115.8% increase. September concluded the period with $336.61 million, a 40.9% increase from the previous year.

Month-on-month data reveals a generally upward trend, with fluctuations. February saw a decline of 16.4%, while March rebounded with an 11.3% increase. In July, inflows surged by 41.8%, reaching $552.94 million. August saw a 5.8% increase, while September saw a 42.5% decline compared to August.