The Federal Government has hailed the sharp increase in diaspora remittances, which have surged to about $600 million monthly over the past two months, describing it as proof of renewed confidence in the Nigerian economy. Data from the Central Bank of Nigeria (CBN) shows that the figure represents a significant jump from the previous monthly average of $200 million, marking a 200 percent rise.
The Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, described the inflows as “humongous,” linking the growth to recent policy reforms by the CBN. She noted that measures such as the introduction of the Non-Resident Bank Verification Number (BVN) and a more competitive exchange rate have encouraged Nigerians abroad to send funds through official channels instead of informal networks. Dabiri-Erewa also praised the patriotism of Nigerians in the diaspora, stressing that their trust in the system is critical to Nigeria’s economic stability.
In the same vein, CBN Governor Olayemi Cardoso highlighted the impact of the reforms during the Delta State–Brazil Business and Investment Roundtable in São Paulo. He explained that the more competitive exchange rate has restored confidence in the financial system, making it unnecessary for Nigerians abroad to rely on alternative platforms to remit funds. According to him, the increase from $200 million to $600 million monthly underscores growing faith in Nigeria’s economic direction.
Looking ahead, Dabiri-Erewa echoed Cardoso’s optimism that remittances could rise further, potentially hitting $1 billion per month by 2026 if current trends are sustained. She reaffirmed NiDCOM’s commitment to strengthening diaspora engagement through initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit, adding that the Tinubu administration remained focused on the welfare of Nigerians both at home and abroad.
