Foreign remittance to Nigeria drops in Q1 2024


Foreign remittances from abroad to Nigeria declined by 6.28 per cent in the first quarter of 2024.

According to the latest data from the Central Bank of Nigeria, foreign remittance, signifying money transfers from Nigerians abroad to family members or other individuals in Nigeria, declined by $282.6 million compared to $301.57 million in the same period last year.

On month-by-month, there was an increase in direct remittances, with a total of $138.56 million received, marking a 75 per cent growth from January 2023’s $79.19 million.

Remittances fell to $39.15 million, a 53.26 per cent drop from $83.76 million in February of the previous year.

The downward trend continued in March 2024, with remittances totalling $104.91 million, a 24.3 per cent decline from $138.63m received in March last year

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