IMTO inflows surge by 45% to $4.76 billion in 2024 amid CBN reforms 

This represents a significant 44.5% increase from the $3.30 billion recorded in 2023, according to data from the Central Bank of Nigeria’s (CBN) latest quarterly statistical bulletin.

IMTO inflows continue to be a vital source of foreign currency for Nigeria, supporting families, businesses, and the broader economy amid ongoing FX market challenges.

The year began with a strong performance in January 2024 as inflows surged 32.5% year-on-year to $390.86 million, compared to $295.21 million in January 2023.

This early momentum was maintained in February, with inflows increasing by 67.3%, rising to $326.91 million from $195.23 million the previous year.

March continued the positive trend, with IMTO inflows hitting $363.76 million in 2024, up 30% from $279.79 million in March 2023.

April saw a leap, with inflows reaching $466.11 million, an 83.3% increase from April 2023’s $254.26 million, marking the highest year-on-year percentage growth in the first half of the year.

The final four months of 2024 showed a mixed pattern of inflows, reflecting broader economic uncertainties and seasonal effects.

September recorded $336.61 million in IMTO inflows, up 40.8% from $238.98 million in the same month of 2023.

October’s inflows rose modestly to $378.85 million, a 29.1% increase year-on-year.

However, November saw a sharp decline, with inflows dropping by 22.1% to $252.28 million from $324.20 million in November 2023.

December ended the year on a more positive note, with inflows rebounding to $316.59 million, a 9.1% increase compared to $348.33 million in December 2023.

The surge in IMTO inflows is closely tied to the reforms introduced by the CBN under Governor Cardoso since his assumption of office in September 2023.

In January 2024, the CBN issued a circular that removed the previous cap on exchange rates quoted by IMTOs.

By increasing competition among IMTOs, engaging with the diaspora, and enhancing transparency in foreign exchange transactions, the CBN has strengthened the remittance ecosystem.

Also, the CBN recently granted 14 new Approvals-in-Principle (AIP) to IMTOs, according to the Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali.

Also, the CBN recently granted 14 new Approvals-in-Principle (AIP) to IMTOs, according to the Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali.

The Central Bank’s reforms have included streamlining processes, onboarding more IMTOs, and enhancing measures to ensure an increase in the supply of foreign currencies.

These measures have evidently paid off, as evidenced by the substantial increase in remittance inflows.