Central Bank of Nigeria (CBN) has reported a significant 39% increase in inflows through International Money Transfer Operators (IMTOs) for the first quarter of 2024 compared to the same period in 2023.
Gatekeepers News reports that the development was contained in CBN’s quarterly statistical bulletin for the first quarter of 2024.
This increase is attributed to recent reforms implemented by the CBN aimed at attracting more dollar supply through IMTOs.
In January 2024, inflows stood at $383.04 million, representing a notable 30% rise from $295.21 million in January 2023.
In February 2024, inflows reached $322.83 million, reflecting a dramatic 65% increase from $195.23 million in February 2023.
March 2024 saw inflows of $363.70 million, a rise of 30% from the $279.79 million recorded in March 2023.
The total inflow for the first quarter of 2024 amounted to $1.07 billion, marking a 39% increase from the $770.23 million recorded in the same period of 2023.
Comparing Q1 2024 to the last quarter of 2023, which saw total inflows of $965.82 million, there is an increase of about 11%.
