Nigerians in diaspora remittances have climbed to $600million monthly in the past two months, moving the federal government to express excitement over the significant increase.
The rise according to figures from the Central Bank of Nigeria is also a reflection of renewed confidence in the Nigerian economy and recent policy reforms by the Central Bank of Nigeria(CBN).
The Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, revealed this on Monday in a statement issued by NiDCOM’s spokesperson, Abdur-Rahman Balogun.
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Dabiri-Erewa described the inflow as “humongous,” saying it marked a 200 percent jump from the $200m monthly average previously recorded.
She commended CBN Governor, Olayemi Cardoso, for reforms such as the introduction of the Non-Resident Bank Verification Number and a more competitive exchange rate, which have made channelling funds back home through official platforms possible and encouraging for Nigerians abroad.
Like Cardoso, Dabiri-Erewa also expressed optimism that remittances could hit $1bn monthly by 2026.
She reaffirmed NiDCOM’s commitment to deepening diaspora engagement through platforms like the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit.
She further praised the patriotism and trust of Nigerians in the diaspora, stressing that President Bola Tinubu’s administration remained committed to the welfare of citizens both at home and abroad.
Meanwhile, speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso identified the impact of the reforms.
“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.
The CBN Governor noted that the reforms have already boosted inflows from $200m to $600m monthly, underscoring growing confidence in the Nigerian economy.
