Diaspora Remittances to Nigeria Surge by 61% in First Ten Months of 2024

Diaspora remittances have surged by 61% in the first 10 months of 2024, reaching $4.22 billion through International Money Transfer Operators.

The Central Bank of Nigeria has announced a significant surge in diaspora remittances, with processed transactions through International Money Transfer Operators reaching $4.22 billion between January and October 2024. This represents a substantial increase of 61% compared to the same period last year. The rising trend in remittances is a notable development for the Nigerian economy, which has been closely tied to the diaspora community's financial support. The CBN's latest data provides valuable insights into the country's economic dynamics and the impact of global remittance flows on local markets.