The Central Bank of Nigeria (CBN) got a 63.7% increase in international money transfer operator (IMTO) inflows from January to September, 2024, resulting in an amount of $3.82 billion compared with $2.33 billion in 2023. This positive trend resulted mainly from the policies introduced by Governor Olayemi Cardoso.
Percentage increases in remittance flows on a monthly basis were the following: January – 32.4% to $390.86 million, February – 67.4%, March – 30%, April – 83.3%, and May – 45.3%. July and August were the largest months, nearly doubling, respectively, reaching $552.94 million and $585.21 million.
The CBN made some important changes to improve the system. They removed the limit on exchange rates that IMTOs (International Money Transfer Operators) could offer and raised the fee for an IMTO license from N500,000 to N10 million. They also set a new rule that IMTOs must have at least $1 million in capital. At first, IMTOs were not allowed to buy foreign currency from the local market, but this rule was later removed.
To bring in more money, the CBN created a special team that reports directly to the governor and gave out 14 new IMTO licenses. These steps have made Nigeria’s remittance system stronger, bringing in more foreign currency and helping families with their income.