Significant Increase in Forex Inflows via International Money Transfer Operators in Q1 2024

Monday, 22 July 2024, 23:06
In the first quarter of 2024, foreign exchange inflows facilitated by International Money Transfer Operators (IMTOs) rose by an impressive 38.86%, totaling $1.07 billion. This uptick follows a previous inflow of $770.23 million recorded in the same timeframe last year. The Central Bank of Nigeria (CBN) attributes this growth to heightened economic activities and improved remittance flows. As the trend continues, it may further stabilize the foreign exchange market in Nigeria.
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Significant Increase in Forex Inflows via International Money Transfer Operators in Q1 2024

Forex Inflows from IMTOs Surge in Q1 2024

In the first quarter of 2024, foreign exchange inflows from International Money Transfer Operators (IMTOs) increased significantly.

Key Figures

  • Current inflow: $1.07 billion
  • Previous year’s inflow: $770.23 million
  • Percentage increase: 38.86%

Factors Contributing to Growth

  1. Boosted economic activities
  2. Improved remittance flows to Nigeria

This growth in IMTO-related inflows is vital for the Nigerian foreign exchange market, indicating a strengthening of the economy.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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