The Federal Government has commended the Central Bank of Nigeria (CBN) and Nigerians in the diaspora as remittance inflows tripled to $600 million monthly over the past two months, according to CBN statistics.
Abike Dabiri-Erewa, Chairman and Chief Executive Officer of the Nigerians in Diaspora Commission (NiDCOM), attributed the surge to CBN’s reforms and the renewed trust of Nigerians abroad in the financial system.
In a statement issued on Monday by NiDCOM spokesperson Abdur-Rahman Balogun, Dabiri-Erewa described the boost to the economy as “humongous,” praising CBN Governor Olayemi Cardoso for policies that have encouraged formal remittance channels.
She noted that initiatives such as the Non-Resident Bank Verification Number (BVN) and a more competitive exchange rate had helped to drive the increase. Sharing Cardoso’s optimism, she projected that inflows could reach $1 billion monthly by 2026.
Dabiri-Erewa also highlighted NiDCOM’s role in promoting sustained engagement through initiatives like the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit. She commended the patriotism of Nigerians abroad, adding that President Bola Tinubu’s administration remains committed to the welfare of citizens at home and abroad.
Meanwhile, speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso said the surge was due to stronger remittance channels and a more attractive exchange rate.
“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 explained.
The CBN governor disclosed that inflows had previously hovered around $200 million monthly but have now climbed to $600 million — representing a 200 percent increase.
