The Chairman and Chief Executive Officer of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, says recent reforms by the Central Bank of Nigeria (CBN) are responsible for the sharp rise in diaspora remittances, which have tripled to $600 million per month in the last two months.
In a statement released in Abuja on Monday by the commission’s spokesperson, Abdur-Rahman Balogun, Dabiri-Erewa credited the upsurge to a renewed sense of confidence among Nigerians abroad, coupled with CBN’s proactive economic strategies.
She described the contribution of the diaspora community to the Nigerian economy as “humongous,” highlighting their consistent financial support amid economic reforms.
“Thanks to CBN Governor Olayemi Cardoso and the new policies being implemented such as the introduction of the Non-Resident BVN and a more competitive exchange rate we’re now seeing more Nigerians abroad choosing formal channels to remit funds,” she said.
The NiDCOM boss echoed the CBN governor’s optimism that diaspora remittances could hit $1 billion per month by 2026, pledging the commission’s continued engagement through initiatives like the Nigerian Diaspora Investment Summit, National Diaspora Day, and Diaspora Youth Summit.
Dabiri-Erewa also praised the patriotism of Nigerians in the diaspora, stating that the Tinubu administration is committed to improving the welfare of citizens both at home and abroad.
CBN Cites Reforms, Competitive Rates for Surge
Meanwhile, CBN Governor Olayemi Cardoso, speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, attributed the increase in remittances to reforms aimed at strengthening official remittance channels.
“Our exchange rate is becoming a lot more competitive,” Cardoso said.
“Those who previously used informal channels no longer need to they now have better, safer, and more profitable options through the official system.”
According to him, remittance inflows that previously averaged around $200 million monthly have now surged to $600 million a 200% increase.
He also credited improvements in digital infrastructure and the regulatory environment as enablers of the shift.
