UPDATE 1-Nigeria c.bank reports record $553 mln in remittance inflows in July

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ABUJA, Aug 20 (Reuters) – Nigeria’s central bank said on Tuesday it recorded an increase in remittance inflows reaching $553 million in July, a 130% rise from July 2023.

Central Bank of Nigeria (CBN) spokesperson Hakama Sidi Ali said the figure represented the highest monthly inflow on record and reflected ongoing efforts to enhance liquidity in Nigeria’s foreign exchange market.

The surge in remittances was due to measures such as granting licenses to new international money transfer operators (IMTOs), introducing a willing buyer willing seller model, and timely access to naira liquidity for the IMTOs, Sidi Ali said in a statement. (Reporting by Elisha Bala-Gbogbo; editing by Mark Heinrich)

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