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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has revealed that diaspora remittance inflow into the country has seen a significant increase, rising from $200 million to $600 million per month. He made this disclosure during the Delta State–Brazil Business and Investment Roundtable held in São Paulo, Brazil, on Thursday.
Cardoso attributed the surge to the apex bank’s policies, which have helped make the country’s exchange rate more competitive. He noted that when the CBN began implementing reforms to tap into diaspora remittances as a potential source for diversifying Nigeria’s foreign exchange (FX) inflows, critics were skeptical.
“At first, when we started looking at diaspora flows as a potential source of diversifying our foreign exchange flows, people laughed. We started at about $200 million every month. But in the last two months, we reached $600 million per month. By next year, we anticipate that we will be getting at least $1 billion from our diaspora folks at home,” Cardoso stated.
This surge in remittances has been linked to the growing confidence of Nigerians in the diaspora regarding FX remittance channels, which have become more reliable under the current reforms. The rise in remittances is seen as a key factor in the country’s economic recovery strategy.
On the same day, the naira appreciated against the dollar, closing at N1,535.47, amid a steady increase in the country’s external reserves, which now stand at $41.24 billion, according to CBN data.
