THE Federal Government has welcomed a sharp increase in diaspora remittances, reporting inflows of about $600 million monthly over the past two months, according to figures released by the Central Bank of Nigeria (CBN).
The Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, said the surge demonstrates growing confidence in Nigeria’s economy and reflects the impact of recent CBN policy reforms.
In a statement issued by NiDCOM’s spokesperson, Abdur-Rahman Balogun, Dabiri-Erewa described the figure as “humongous,” highlighting that it represents a 200 percent rise from the previous average of $200 million per month.
She commended CBN Governor Olayemi Cardoso for spearheading reforms, including the introduction of the Non-Resident Bank Verification Number (NRBVN) and a more competitive exchange rate regime, which have encouraged Nigerians abroad to send money home through official channels.
Dabiri-Erewa added that both NiDCOM and the CBN are optimistic that remittances could reach $1 billion monthly by 2026.
The NiDCOM boss also reaffirmed the commission’s commitment to strengthening diaspora engagement through initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit.
She lauded the patriotism and trust of Nigerians abroad, stressing that President Bola Tinubu’s administration is dedicated to the welfare of citizens at home and overseas.
Meanwhile, speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso emphasized that policy changes are already paying off.
“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 lifted remittance inflows from $200 million to $600 million per month, underlining renewed confidence in the economy.