Nigerians living abroad sent back $18.9 million less money in the first three months of 2024 compared to the same period last year, according to data released by the Central Bank of Nigeria (CBN).
The CBN reported total direct foreign exchange remittances of $282.61 million in the first quarter, down from $301.57 million in 2023. This marks a 6.28% decrease.
The data also showed significant month-to-month fluctuations. January saw a strong year-over-year increase of nearly 75%, with remittances reaching $138.56 million. However, February took a sharp turn, with remittances dropping a worrying 53% to just $39.15 million compared to $83.76 million the previous year.
March offered some recovery, with remittances reaching $104.91 million. This still represents a 24% decline from the $138.63 million peak recorded in March 2023.
The reasons behind these fluctuations are not entirely clear, but experts suggest economic factors, policy changes, or external events could be playing a role.
