Nigeria's IMTO Inflows Decline in Q1 2025
Nigeria's International Money Transfer Operator (IMTO) inflows decreased by $193.14 million in the first quarter of 2025.
According to the Central Bank of Nigeria's quarterly statistical bulletin, inflows fell to $888.39 million in Q1 2025, compared to $1.08 billion in the same period of 2024, representing a 17.8% decline year-on-year.
Although lower than last year, inflows in Q1 2025 still exceeded the $770.23 million recorded in Q1 2023, indicating that remittance levels remain elevated compared to pre-2024 levels.
The decline highlights the challenge facing policymakers in sustaining inflows amid global economic uncertainty and domestic foreign exchange pressures.
No direct quote available in the text.
Author's summary: Nigeria's IMTO inflows down $193.14 million.
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