By Olakunle Oke
CBN Policies, Renewed Confidence Drive Surge in Diaspora Remittances
The Nigerians in Diaspora Commission (NiDCOM) has credited recent Central Bank of Nigeria (CBN) policies and growing confidence in the nation’s financial system for a sharp rise in remittances from Nigerians abroad.
NiDCOM Chairman and Chief Executive Officer, Abike Dabiri-Erewa, made the remarks on Monday in a statement signed by the Commission’s spokesperson, Abdur-Rahman Balogun.
According to CBN data, remittance inflows have tripled to $600 million monthly over the past two months. Dabiri-Erewa commended CBN Governor Olayemi Cardoso for introducing reforms such as the Non-Resident Bank Verification Number (BVN) and a more competitive exchange rate, both of which have encouraged Nigerians overseas to use formal channels to send funds home.
Expressing confidence in Cardoso’s projection that inflows could reach $1 billion monthly by 2026, she said NiDCOM would intensify initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, Diaspora Youth Summit, and ongoing engagements with diaspora communities around the world.
Cardoso, speaking recently at the Delta State–Brazil Business and Investment Roundtable in São Paulo, noted that the CBN’s foreign exchange reforms had already produced tangible results, with remittances climbing steadily from $200 million to $600 million monthly.
“When we started looking at diaspora flows as a potential source of diversifying our foreign exchange reserves, many doubted it. We started at about $200 million a month, and in the last two months, we have reached $600 million monthly. By next year, we expect inflows to be at least $1 billion,” he told participants, which included Nigerian officials and foreign investors.
The CBN governor added that a more market-driven exchange rate has boosted confidence among Nigerians abroad, drawing them away from unofficial transfer channels.
The central bank’s broader reforms, including the unification and liberalisation of the foreign exchange market, are designed to create transparent price discovery mechanisms and attract more foreign capital into the economy.