The Federal Government has welcomed a sharp rise in remittances from Nigerians abroad, which climbed to $600 million monthly in the last two months, according to figures released by the Central Bank of Nigeria (CBN).
Abike Dabiri-Erewa, Chairman of the Nigerians in Diaspora Commission (NiDCOM), described the increase as evidence of growing trust in Nigeria’s economy and the impact of recent monetary policy adjustments.
In a statement issued by NiDCOM’s spokesperson, Abdur-Rahman Balogun, Dabiri-Erewa referred to the inflow as “humongous,” noting that it represented a 200 percent rise from the previous $200 million monthly average.
She commended CBN Governor Olayemi Cardoso for initiatives such as the Non-Resident Bank Verification Number and a more competitive exchange rate, which have encouraged diaspora Nigerians to use official channels when sending money home.
Dabiri-Erewa also aligned with Cardoso’s projection that remittances could reach $1 billion per month by 2026.
She reaffirmed NiDCOM’s dedication to engaging Nigerians abroad through platforms like the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit.
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She further lauded the commitment and patriotism of Nigerians overseas, assuring them that President Bola Tinubu’s government remained focused on safeguarding the interests of citizens both within and outside the country.
Speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso noted the positive outcome of the reforms.
“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 said.
He added that the reforms had already boosted remittances from $200 million to $600 million each month, underscoring renewed confidence in Nigeria’s economy.
