By Muhammad Mamman
The Central Bank of Nigeria (CBN) has reported a significant drop of $276 million in inflows from International Money Transfer Operators (IMTOs), raising fresh concerns over weakening foreign exchange liquidity and the country’s remittance outlook.
According to the apex bank’s latest data, IMTO inflows fell notably compared with previous periods, underscoring persistent pressures on Nigeria’s external revenue streams at a time when the government is intensifying efforts to stabilise the naira and boost foreign exchange supply.
The CBN did not immediately disclose the specific factors behind the decline, but analysts have linked the fall to global economic headwinds, rising informal remittance channels, and lingering confidence issues within the domestic forex market.
Remittances—largely driven by Nigerians in the diaspora—remain one of the country’s most reliable external financing sources, often cushioning the impact of reduced oil revenue and volatile foreign investment flows.
The Bank emphasised that it is working on policy measures aimed at enhancing transparency, strengthening formal remittance channels, and improving the ease of sending money into the country.
Further updates are expected as the CBN continues its efforts to stabilise the foreign exchange environment and restore confidence in the financial system.
