Diaspora remittances surge by 443% to 1.3bn in February – CBN

The Central Bank of Nigeria, CBN, says Diaspora remittances surged by 433 per cent to $1.3 billion in February from $300 million in January.

The Acting Director of Corporate Communications at CBN, Hakama Sidi Ali, disclosed this on Thursday.

She noted that foreign investors’ interest in Nigeria surged during the period referenced.

“The Bank’s data indicates that overseas remittances rose to US$1.3 billion in February 2024, more than four times the US$300 million received in January,” she said.

Recall that CBN Governor, Olayemi Cardoso, during the 293rd Monetary Policy Committee meeting, detailed a plan to tame inflation, foreign crisis and other measures, including raising interest rates to 22.75 per cent.