The Federal Government has attributed the sharp rise in diaspora remittances to recent reforms in the financial sector, describing the development as a sign of renewed confidence in the Nigerian economy.
According to figures from the Central Bank of Nigeria (CBN), remittance inflows have grown from an average of $200 million to about $600 million monthly in the last two months—a 200 per cent increase.
The Chairman of the Nigerians in Diaspora Commission (NiDCOM), Mrs Abike Dabiri-Erewa, welcomed the surge, saying it reflected the impact of key CBN policy measures. In a statement by NiDCOM’s Head of Media and Public Relations, Abdur-Rahman Balogun, she praised the reforms introduced by CBN Governor, Mr Olayemi Cardoso, including the Non-Resident Bank Verification Number (BVN) and a more competitive exchange rate regime.
“These policies have encouraged Nigerians abroad to use official channels to remit funds, boosting confidence and transparency in the system,” Dabiri-Erewa said, noting that the inflows could climb to $1 billion monthly by 2026 if current trends continue.
She also reiterated NiDCOM’s commitment to strengthening diaspora engagement through initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit. While commending the patriotism and trust of Nigerians in the diaspora, she assured that President Bola Tinubu’s administration remained dedicated to the welfare of citizens at home and abroad.
Meanwhile, speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, CBN Governor Cardoso confirmed that the reforms were yielding results.
“Our exchange rate is becoming a lot more competitive. Those who previously sought other channels to send money home no longer have to do so,” Cardoso said, stressing that the improved inflows underscored growing trust in the economy.
