Nigeria’s diaspora remittances have reportedly tripled in recent months, rising to $600 million per month, a development the Chairman and CEO of the Nigerians in Diaspora Commission (NIDCOM), Hon. Abike Dabiri-Erewa, attributes to policy reforms by the Central Bank of Nigeria (CBN) and growing confidence among Nigerians abroad.
In a statement issued by NIDCOM’s spokesperson, Abdur-Rahman Balogun, Dabiri-Erewa described the inflows as a significant boost to the country’s economy. She credited the increase to the CBN’s “Renewed Hope” policies, which include the introduction of the Non-Resident Bank Verification Number (BVN) and the adoption of a more competitive exchange rate that encourages the use of formal remittance channels.
“The Central Bank of Nigeria, under the leadership of Mr. Olayemi Cardoso, has implemented policies that have encouraged more Nigerians abroad to send funds through official channels,” Dabiri-Erewa said.
She added that NIDCOM would continue initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit, along with ongoing engagement with Nigerians overseas.
The surge in remittances was also stressed by CBN Governor, Olayemi Cardoso, during the Delta State–Brazil Business and Investment Roundtable in São Paulo.
Cardoso explained that the combination of a more competitive exchange rate and improved remittance infrastructure has made it easier for Nigerians abroad to transfer money home legally.
“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.
He noted that remittance inflows had previously hovered around $200 million per month but have now increased to $600 million, representing a 200 per cent rise.
Dabiri-Erewa also praised Nigerians in the diaspora for their trust and patriotism, affirming that the President Bola Ahmed Tinubu administration remains committed to improving the welfare of Nigerians both at home and abroad.
She expressed optimism that remittance inflows could reach $1 billion per month by 2026 if current trends continue.
