Nigeria’s Diaspora Remittances Surge to $600m Monthly, CBN Targets $1bn Inflows by 2026

Nigeria’s diaspora remittances have recorded a sharp rise, hitting $600 million monthly in the past two months, according to Central Bank of Nigeria (CBN) Governor Olayemi Cardoso. The figure marks a 200 percent jump from the previous average of $200 million per month and signals a major boost to Nigeria’s foreign exchange inflows.

Cardoso made the disclosure at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Brazil, where he projected that remittances could reach at least $1 billion per month by next year if current trends continue.

“Our exchange rate is becoming far more competitive,” Cardoso said. “Nigerians abroad, who previously sought alternative channels to send money home, now use official platforms, strengthening the remittance system. These flows are diversifying Nigeria’s foreign exchange portfolio and reducing reliance on oil revenues.”

The CBN governor explained that reforms in remittance channels and efforts to engage international money transfer operators have contributed to this upsurge. By improving compliance and reducing transaction bottlenecks, diaspora Nigerians have been encouraged to remit funds through formal banking systems rather than parallel markets.

Industry analysts say the increase in inflows could help stabilise the naira, bolster Nigeria’s external reserves, and provide fiscal space for government programmes. The trend aligns with CBN’s strategy to attract non-oil foreign exchange sources and meet rising dollar demand in the economy.

With Nigeria facing mounting fiscal pressure and declining crude oil earnings, officials believe robust diaspora remittances could provide a sustainable lifeline for growth, infrastructure financing, and exchange rate stability.