Nigeria’s diaspora remittances have surged by 200 percent in the last two months, rising from about $200 million to $600 million, according to the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso.
Cardoso, who spoke at the Delta State-Brazil Business and Investment Roundtable in Sao Paulo, Brazil, yesterday, disclosed that monthly inflows are now projected to hit at least $1 billion by next year.
He attributed the sharp rise to a more competitive exchange rate and improved remittance channels, which have made it easier for Nigerians abroad to send money home without resorting to alternative routes.
“Our exchange rate is becoming a lot more competitive. Those in the diaspora who once sought other channels to remit funds no longer have to do so,” he said.
The apex bank chief explained that the rising inflows are helping to diversify Nigeria’s foreign exchange portfolio and reduce overdependence on oil revenues.
“When we started looking at diaspora flows as a potential source of diversifying our foreign exchange inflows, people laughed. We started at about $200 million every month. In the last two months, the last count, we had reached $600 million per month. And by next year, we anticipate at least $1 billion,” he stated.
Cardoso stressed that diaspora remittances are now playing a critical role in stabilising Nigeria’s foreign exchange market and boosting economic resilience.