Total direct remittances for 2022 declines by 11.18% to hit $2.16 billion

While giving reasons for the sharp drop in total direct diaspora remittances last year, the apex bank attributed the decline to current global economic challenges caused by COVID-19 and dwindling global oil prices.

For the first quarter of 2022, a combined figure of $466,020,865.5 was realised as total remittances for the period.

A breakdown of the figure showed that in January 2022, $130,115,888.7 was recorded as remittances. The figure realised in February 2022 increased by about $2 million as it rose to $132,110,312.6. In March 2022, remittance further witnessed a huge spike as it hit $203,794,664.3.

The total figure for the value of remittances for the second quarter almost doubled the figures from the first quarter as it climbed to $744,962,563.6.

The total remittances raised in the month of April 2022 was $165,771,432.3. Remittances in May 2022 further shot up to $184,644,196.8 while the highest remittances for the year 2022 was realised in June with a leap to $394,546,934.47.

The total remittances for the third quarter stood at $606,583,254.3 with remittances for the month of July pegged at $196,664,820.4. August remittances stood at $309,834,560.8 while the sum of $100,083,873.1, the lowest remittances for the year 2022 was realised in September 2022.

Furthermore, the last quarter witnessed the lowest figures with total remittances of $338,025,216.6 for the period.

The figures for October 2022 stood at $110,778,558.7, $124,668,760.4 was recorded for November while the figure further declined to $102,577,897.5 in December 2022.