The Federal Government has welcomed a remarkable surge in diaspora remittances, with inflows rising to $600 million per month over the last two months, according to Central Bank of Nigeria (CBN) data.
Abike Dabiri-Erewa, Chair of the Nigerians in Diaspora Commission (NiDCOM), described the increase as a sign of renewed confidence in the Nigerian economy and credited recent monetary reforms for the turnaround. She noted that the new figure represents a 200% jump from the $200 million monthly average previously recorded.
In a statement released by NiDCOM spokesperson Abdur-Rahman Balogun, Dabiri-Erewa applauded CBN Governor Olayemi Cardoso for introducing initiatives such as the Non-Resident Bank Verification Number and more competitive exchange rates. These policies, she explained, have encouraged Nigerians abroad to send money through official banking channels rather than informal networks.
Dabiri-Erewa echoed Cardoso’s projection that remittances could climb to $1 billion a month by 2026 if the reforms continue to yield results. She also reiterated NiDCOM’s dedication to engaging the diaspora through events like the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit.
She praised Nigerians abroad for their trust and patriotism, assuring that President Bola Tinubu’s government remains committed to supporting citizens both at home and overseas.
At a separate event—the Delta State–Brazil Business and Investment Roundtable in São Paulo—CBN Governor Cardoso emphasized that policy adjustments are already making an impact. “Our exchange rate has become far more competitive. Nigerians abroad no longer feel the need to use unofficial channels for transfers,” he said.
He highlighted that inflows have already tripled, moving from $200 million to $600 million monthly, reflecting growing optimism about Nigeria’s economic direction.
