Inflows through IMTOs surged by 39% in Q1 2024

The Central Bank of Nigeria (CBN) has reported a 39 per cent increase in inflows through International Money Transfer Operators (IMTOs) for the first quarter of 2024 compared to the same period in 2023. This was according to data from the quarterly statistical bulletin of the CBN for the first quarter of 2024. Recent reforms […]

The Central Bank of Nigeria (CBN) has reported a 39 per cent increase in inflows through International Money Transfer Operators (IMTOs) for the first quarter of 2024 compared to the same period in 2023.

This was according to data from the quarterly statistical bulletin of the CBN for the first quarter of 2024.

Recent reforms implemented by the CBN aimed at attracting more dollar supply through IMTOs seemed to have triggered the increase.

In January, 2024, inflows stood at $383.04m, a significant rise of 30 per cent from $295.21m in January, 2023. The upward trend continued in February, with inflows reaching $322.83m, representing a dramatic 65 per cent increase from $195.23m in February, 2023.

March, 2024, saw inflows of $363.70m, reflecting a 30 per cent rise from the $279.79m recorded in March, of the previous year.

The total inflow for the first quarter of 2024 amounted to $1.07bn, marking a 39 per cent increase from the $770.23m recorded in the same period of 2023.

When comparing Q1 2024 to the last quarter of 2023, which saw total inflows of $965.82m, there is an increase of about 11 per cent.

Recall that in January, 2024, the CBN issued a circular that removed the previous cap on exchange rates quoted by IMTOs. Before the circular, IMTOs were required to quote rates within a permissible range of -2.5 per cent to +2.5 per cent around the previous day’s closing rate of the Nigerian Foreign Exchange Market.