The Federal Government has hailed a sharp surge in diaspora remittances, with inflows climbing to $600 million monthly over the past two months, according to new figures from the Central Bank of Nigeria.
The Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, said the growth reflected renewed confidence in the Nigerian economy following recent monetary policy reforms.
In a statement issued on Monday by NiDCOM spokesperson Abdur-Rahman Balogun, Dabiri-Erewa described the inflow as “humongous,” noting that it represented a 200 percent increase from the previous $200 million monthly average.
She commended CBN Governor Olayemi Cardoso for implementing reforms such as the Non-Resident Bank Verification Number and a more competitive exchange rate, measures she said had encouraged Nigerians abroad to send funds through official channels. Dabiri-Erewa also echoed Cardoso’s optimism that diaspora remittances could reach $1 billion monthly by 2026.
Reaffirming NiDCOM’s commitment to engaging Nigerians abroad, she pointed to initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit. She praised the patriotism of Nigerians in the diaspora, stressing that President Bola Tinubu’s administration remained focused on the welfare of citizens at home and abroad.
Meanwhile, speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso underscored the impact of the CBN reforms on the remittance market.
“Our exchange rate is becoming a lot more competitive. Those who previously sought other channels to send their money back home no longer have to do so,” he said.
According to him, the policy changes have already boosted inflows from $200 million to $600 million monthly, underscoring growing confidence in Nigeria’s financial system.
