Nigeria’s diaspora remittances skyrocket to $600m monthly – CBN Governor
Story from Martha Gwary
Nigeria’s diaspora remittance inflows have surged to $600 million per month, a tripling from previous figures.
The Nigerians in Diaspora Commission (NiDCOM) attributes this significant increase to the Central Bank of Nigeria’s (CBN) policies and the renewed trust of Nigerians living abroad in the country’s financial system.
In a statement signed by NiDCOM’s Director of Media, Public Relations and Protocols, Abdur-Rahman Balogun, on Monday in Abuja, Chairman Abike Dabiri-Erewa described the economic boost from the diaspora community as “humongous.”
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According to the CBN, remittance inflows have jumped from a previous monthly average of around $200 million to $600 million in the last two months—a 200% increase. The CBN Governor, Olayemi Cardoso, expressed optimism that this figure could reach $1 billion per month by 2026.
Dabiri-Erewa said NiDCOM will continue to encourage this trend through initiatives like the Nigerian Diaspora Investment Summit, National Diaspora Day, and constant engagement with Nigerians abroad. The statement added, “Dabiri-Erewa appreciated the CBN under the dynamic leadership of Mr Olayemi Cardoso, its governor, whose various policies have led to the upsurge in remittances, including the introduction of the Non-Resident BVN and a competitive exchange rate which encouraged more formal channels of remitting funds.” She also praised the patriotism of Nigerians abroad.
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Speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso also attributed the surge to a more competitive exchange rate and improved remittance channels, which have made it easier and more attractive for Nigerians abroad to send money home through official platforms.
The statement concluded that the apex bank governor disclosed that remittance inflows had recorded significant growth in recent months.
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