Nigeria's IMTO Inflows Decline by $193.14 Million in Q1 2025, Missing Remittance Target

In Q1 2025, Nigeria's IMTO inflows dropped by $193.14 million compared to the same period in 2024, signaling a 17.8% decline year-on-year. Despite surpassing 2024 levels, the sharp decrease from the previous year highlights challenges in sustaining inflows amidst global economic uncertainties and forex pressures.

The CBN emphasized the critical role of remittances in supporting the economy. Olayemi Cardoso, the CBN governor, highlighted the importance of IMTO inflows as a vital source of foreign currency for Nigeria's families, businesses, and the broader economy.