The Federal Government has welcomed a significant surge in diaspora remittances, which have risen to $600 million monthly over the past two months, a sharp increase from the previous $200 million average, according to figures from the Central Bank of Nigeria (CBN).
Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, described the rise as “humongous” and credited it to renewed confidence in the Nigerian economy, driven by recent monetary reforms introduced by the apex bank.
In a statement issued by NiDCOM spokesperson Abdur-Rahman Balogun on Monday, Dabiri-Erewa praised CBN Governor Olayemi Cardoso for implementing key reforms — including the Non-Resident Bank Verification Number (NRBVN) initiative and the adoption of a more competitive exchange rate — which have encouraged Nigerians abroad to send money through official channels.
“This marks a 200 percent increase and reflects the strong confidence Nigerians in the diaspora have in the ongoing economic reforms,” she said.
Dabiri-Erewa also echoed Governor Cardoso’s projection that monthly remittances could reach $1 billion by 2026 if the momentum continues.
She reaffirmed NiDCOM’s commitment to harnessing the power of the diaspora community through initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit.
She further commended the patriotism of Nigerians abroad, noting that President Bola Tinubu’s administration remains committed to ensuring 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 highlighted the tangible impact of the reforms on foreign inflows.
“Our exchange rate is becoming a lot more competitive. Those who previously used informal channels to send money home are now using official platforms,” he said.
Cardoso confirmed that these reforms have already driven diaspora inflows from $200 million to $600 million per month, signaling growing trust in Nigeria’s financial system and economic outlook.
