CBN: Diaspora Remittance To Nigeria Hit $17.5 billion In 2019

Data obtained from the Central Bank Of Nigeria(CBN) show that between January and November 2019 the county received a total of $17.57 billion in direct diaspora remittances.

This figure represents an increase of 56.4% as compared to $11.23 billion recorded within the same period in 2018.

A breakdown of the remittance in a decade showed that direct remittances into Nigeria rose by 210.3% between 2010-2019.

Series of foreign exchange reforms have attracted capital inflow into the country while remittances into the nation’s economy continued to soar.

In 2010, Nigeria received $5.66 billion as direct diaspora remittances. Two years later, there was a drop in the country’s remittances as $2.20 billion remittances were recorded in 2013.

But in 2014 the remittance picked up contributing a total of $8.15 billion to the country’s economy and maintained the increment till 2019 were $17.57 billion was remitted.

Diaspora remittances are funds transferred from migrants to their home countries. For many developing nations, this remittance provide a financial source of much-needed funds.