Remittances to Nigeria rise 136% to $11.6bn

The Central Bank of Nigeria has disclosed that total direct remittances to Nigeria in the first seven months of the year rose by 135.51 per cent to $11.54bn as against $4.9bn reported in the corresponding period of 2018.

The CBN had licensed International Money Transfer Operators and monitors legitimate foreign currency, especially dollar inflow into the country.

The breakdown of the CBN’s total direct remittances revealed that in January, $1.89bn was remitted while in February, $1.9bn was the total direct remittance.

According to the CBN, $1.12bn and $1.56bn were the total direct remittances between March and April 2019, respectively. Total direct remittance hit $1.74bn in May; $1.67bn in June and $1.66bn in July 2019.

Those operators licensed by the CBN are TRANS-Fast Remittance, Worldremit Limited, UAE Exchange Center LLC, Wari Limited and Home Send S.C.R.L.

Others are Small World Financial Services Group, Weblink International Limited, Cashpot Limited, DT&T Corporation Limited and Corporation Limited and Fiem Group LLC, DBA Ping Express and CP Express Limited.

Source: Here