Forex Remittances Crash By 48%

Figures obtained from the Central Bank of Nigeria have revealed that Nigeria’s total direct remittances dropped by $119.4 million.

This is a drop to $130.12 million as of January 2022 from $249.52 million as of December 2021.

The development indicates a 48 percent increase over a period of one month.

Breakdown Analysis

According to the CBN’s record on weekly international payments, the country recorded $217.7m, $51.74m and $224.24m in total direct remittances in November, October and September, respectively.

Direct remittances come into the country via the International Money Transfer Operators, banks, among others.

The CBN’s economic report for the fourth quarter of 2021 said the emergence and spread of the omicron COVID-19 variant affected global economic dynamics and hampered the inflow of workers’ remittances.

It stated, “The secondary income account posted a lower surplus of $6.15bn, compared with $6.46bn in the preceding quarter, owing to a decrease in both general government and personal transfer receipts.

“Personal transfers, including workers’ remittances, fell by 5.0 per cent to $4.72bn in the fourth quarter of 2021, compared with $4.97bn in the preceding quarter, while receipts by the general government in the form of transfers decreased by 4.0 per cent to $1.5bn.”

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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