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

The Central Bank of Nigeria, CBN’s International payment report has revealed that the total direct remittances for 2022 was pegged at $2.16 billion which indicated an 11.18 per cent drop from the previous year’s figure (2021) which stood at $2.43 billion.

Central Bank of Nigeria

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.

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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.

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