FG: $600m monthly diaspora remittances proof of reforms

The Federal Government has expressed excitement over a sharp rise in diaspora remittances, which have surged to $600m monthly in the past two months, according to figures from the Central Bank of Nigeria.

The Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, said the increase reflected renewed confidence in the Nigerian economy and recent CBN policy reforms.

In a statement issued by NiDCOM’s spokesperson, Abdur-Rahman Balogun, on Monday, Dabiri-Erewa described the inflow as “humongous,” noting that it marked a 200 percent jump from the $200m monthly average previously recorded.

She commended CBN Governor, Olayemi Cardoso, for reforms such as the introduction of the Non-Resident Bank Verification Number and a more competitive exchange rate, which have encouraged Nigerians abroad to channel funds through official platforms.

Dabiri-Erewa also echoed Cardoso’s optimism that remittances could hit $1bn monthly by 2026.

She reaffirmed NiDCOM’s commitment to deepening diaspora engagement through platforms like the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit.

She further praised the patriotism and trust of Nigerians in the diaspora, stressing that President Bola Tinubu’s administration remained committed to the welfare of citizens both at home and abroad.

Meanwhile, speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso highlighted the impact of the reforms.

“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,” he said.

According to him, the reforms have already boosted inflows from $200m to $600m monthly, underscoring growing confidence in the Nigerian economy.

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