How Nigeria’s Cash Inflow Hit Over N1 Trillion In 8 Months

By Tolulope Oke

The Director of Trade and Exchange Department, Central Bank of Nigeria (CBN), Dr. Ozoemena Nnaji revealed that Nigeria has recorded a cash inflow of $2.4 billion over (N1 trillion) in the past 8 months due to diaspora remittances.

She disclosed this at the 33rd Seminar for Finance Correspondents and Business Editors with the theme, “Policy Options for Economic Diversification: Thinking Outside the Crude Oil-Box,” organized by the CBN.

She stressed that the influx has been significant, noting that Nigeria had already received $2.4 billion eight months into 2022 compared to a total of $2.9 billion in remittances recorded through the system in all of 2021.

She said: “In 2021, we were able to record $2.9 billion of cash inflows, so far this year, we have recorded $2.4 billion. So, in half of the year, we have gotten almost what we got in the year 2021.

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“We have a component of remittances which include workers’ compensation, anyone that worked in Nigeria, even if you are a Nigerian but are paid in dollars because you work for an embassy or an international organisation, it is counted as a remittance.

“So, there are so many components of remittances. But the component of inflows that comes into this country so far, we are at $2.4 billion.”

She also disclosed that the CBN was thinking about changing the program to have a more streamlined approach, which would increase remittances from the diaspora in cooperation with other government parastatals.