Diaspora Remittances Surge to $600 Million Monthly as Dabiri-Erewa Commends CBN, Nigerians Abroad

The Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, has hailed the Central Bank of Nigeria (CBN) and Nigerians living abroad for driving an unprecedented increase in diaspora remittances, which have tripled to $600 million per month in the past two months.

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In a statement issued by NiDCOM’s spokesperson, Abdur-Rahman Balogun, Dabiri-Erewa attributed the surge to renewed confidence in Nigeria’s financial system and the policies of the CBN under Governor Olayemi Cardoso. These include the introduction of the Non-Resident Bank Verification Number (BVN) and a more competitive exchange rate, both of which have encouraged the use of formal channels for transferring funds.

“The boost to Nigeria’s economy from its diaspora community in recent times is humongous,” Dabiri-Erewa said, commending Nigerians abroad for their trust, patriotism, and continued support. She emphasized that the Tinubu administration is committed to improving the welfare of Nigerians at home and overseas.

Dabiri-Erewa also expressed optimism, aligning with Governor Cardoso’s projection that remittance inflows could hit $1 billion monthly by 2026. She reaffirmed NiDCOM’s commitment to initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, Diaspora Youth Summit, and ongoing engagement with Nigerians globally.

Speaking separately at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso disclosed that remittance inflows, previously averaging $200 million monthly, have now soared by 200 percent to $600 million. He credited the rise to improved remittance channels and the more favorable exchange rate environment.

“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,” Cardoso stated.

The CBN’s efforts to stabilize Nigeria’s currency and incentivize formal remittance platforms are widely seen as a strategic move to harness diaspora contributions, which remain a critical source of foreign exchange for Africa’s largest economy.