The Chairman/CEO of Nigerians in Diaspora Commission (NiDCOM),
Hon. Abike Dabiri-Erewa, has credited the Central Bank of Nigeria’s (CBN) recent reforms and the patriotism of Nigerians abroad for the record surge in diaspora remittances.
According to statistics from the CBN, remittance inflows have tripled in recent months, rising from about $200 million to $600 million monthly—an unprecedented 200 percent increase.
In a statement by NiDCOM spokesperson, Abdur-Rahman Balogun, Dabiri-Erewa described the diaspora’s contribution to Nigeria’s economy as “humongous,” stressing that the renewed trust in the system is a testament to President Bola Ahmed Tinubu’s administration’s economic reforms.
She specifically commended CBN Governor Olayemi Cardoso, whose policies including the introduction of the Non-Resident Bank Verification Number (BVN) and a more competitive exchange rate—have encouraged Nigerians abroad to remit funds through official channels.
Echoing Cardoso’s optimism that remittance inflows could hit $1 billion monthly by 2026, Dabiri-Erewa reaffirmed NiDCOM’s commitment to promoting initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and constant engagement with Nigerians abroad.
At the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso also highlighted how a fairer exchange rate has redirected remittances from informal networks into regulated financial systems.
“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,” the CBN governor explained.
With remittances now at $600 million monthly, both NiDCOM and the CBN are confident that the diaspora will continue to play a critical role in sustaining Nigeria’s economic growth.
