FG praises CBN governor over $600m monthly diaspora remittances

The FG has heaped praises on CBN governor, Olayemi Cardoso, for his initiative which helped generated an increase in diaspora remittance to the tune of $600m monthly.

Abike Dabiri-Erewa, Chairman of the Nigerians in Diaspora Commission, made this remark in a statement issued by Abdur-Rahman Balogun, NiDCOM’s spokesperson, on Monday.

Abike Dabiri-Erewa attributed the high surge in remittances to the renewed confidence of Nigerians abroad in the Nigerian economy and recent CBN policy reforms.

She described the inflow as “humongous,” stating that it marked a 200 percent increase from the $200m monthly average that is previously recorded.

Dabiri-Erewa praised the CBN under the leadership of Mr Olayemi Cardoso, for the introduction of the Non-Resident BVN and a competitive exchange rate which encouraged more formal channels of remitting funds.

Cardoso, while speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, attributed the surge to a more competitive exchange rate and improved remittance channels.

“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.

According to him, going by recent activities, remittances could hit $1bn monthly by 2026. A statement which Dabiri-Erewa also echoed.