Foreign exchange remittances from abroad experienced a year-on-year decline of $10 million, or 0.84 percent, totaling $1.18 billion during the first seven months of 2024 (January to July), compared to $1.19 billion in the same timeframe in 2023.

According to the Central Bank of Nigeria's 'International Payment Statistics,' the peak direct remittance was recorded at $365.4 million in May 2024.

The data analysis revealed significant month-to-month fluctuations in transaction volumes throughout the period. Remittances began at $138.5 million in January, plummeting by 71.7 percent to $39.14 million in February, before rebounding by 168 percent to $104.9 million in March.

This upward trajectory persisted into April, with remittances increasing by 84.2 percent to $193.3 million, and further rising by 89 percent to $365.4 million in May.

However, this trend reversed in June, as remittances decreased by 26 percent to $270.5 million, followed by a substantial drop of 73.2 percent to $72.3 million in July.

The World Bank's latest Migration and Development Brief indicated that remittance flows to Low and Middle-Income Countries (LMICs), including Nigeria, slowed between 2022 and 2023, totaling an estimated $656 billion, which represents a modest increase of 0.77 percent compared to the 8.3 percent growth observed between 2021 and 2022.

Looking ahead, the World Bank projected that the growth rate of remittance flows to LMICs is anticipated to recover to 2.3 percent in 2024 and 2.8 percent in 2025, aiming for a total of $690 billion by 2025.