Diaspora remittances surge to $600m monthly, fueled by CBN reforms – Dabiri-Erewa
Chairman/CEO of Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, has said that the Diaspora remittances to Nigeria have recorded a sharp rise, surging to $600 million monthly in the last two months, following key reforms introduced by the Central Bank of Nigeria (CBN).
Hon. Abike Dabiri-Erewa, said the unprecedented increase was a direct result of the Renewed Hope policies of the apex bank, coupled with the growing trust and confidence Nigerians abroad now have in the system.
In a statement issued by NiDCOM’s Spokesperson, Abdur-Rahman Balogun, she described the boost to Nigeria’s economy from its diaspora community in recent times as “humongous.”
According to statistics from the CBN, diaspora inflows have tripled within just two months, climbing from $200 million to $600 million monthly.
Dabiri-Erewa praised the leadership of the CBN Governor, Mr. Olayemi Cardoso, noting that his reform measures, including the introduction of the Non-Resident BVN and a more competitive exchange rate, have encouraged more formal remittance channels.
Sharing the CBN Governor’s optimism that the figure could reach $1 billion per month by 2026, Dabiri-Erewa said NiDCOM will continue to propagate activities like the Nigerian Diaspora Investment Summit, National Diaspora Day, Diaspora Youth Summit and constant engagement with the Diaspora wherever they are.
The NIDCOM boss also commended the trust and the patriotism of Nigerians in Diaspora, adding that the President Bola Tinubu’s administration is determined to improve the welfare of Nigerians home and abroad.
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.
“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,” Cardoso said.
The CBN governor disclosed that remittance inflows had previously hovered around $200 million monthly but have now climbed to $600 million, a 200 per cent increase.
