Diaspora remittances dropped to $283m from $302m in one year – CBN

Diaspora remittances dropped by about 6.28 per cent between the first quarter of 2023 and first quarter of 2024, data from the Central Bank of Nigeria (CBN) has revealed.
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A breakdown shows that Nigeria attracted $282.61 million as total direct foreign exchange remittances in the first quarter of this year.

Nigeria recorded $301.57 million in the first quarter of 2023 which represents a 6.28 per cent drop.

Further breakdown indicates that in January 2023, the country attracted $79.19 million in remittances while it got $138.56 million in January this year.
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Therefore, this represents a growth of 75 per cent year-on-year for January.

While the country recorded $83.76 million in February 2023, the month in the year 2024 saw a decline ton$39.15 million.
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Industry watchers think that this decrease is a signal of volatility in remittance inflow.

The report stated that March 2023 recorded a new high of $138.63 million but that came down ton$104.91 which was a drop of 24 per cent.
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