By Ameh Gabriel
The Nigerians in Diaspora Commission (NIDCOM) says the surge in diaspora remittances to $600 million monthly is proof that recent monetary reforms by the Central Bank of Nigeria (CBN) are restoring trust in the nation’s financial system.
NIDCOM Chairman/CEO, Abike Dabiri-Erewa, made this known in a statement signed by the Commission’s spokesperson, Abdur-Rahman Balogun, on Monday.
According to data from the CBN, remittance inflows have tripled in just two months, rising from an average of $200 million to $600 million monthly.
Dabiri-Erewa commended CBN Governor, Olayemi Cardoso, for implementing policies such as the Non-Resident Bank Verification Number (NRBVN) and a more competitive exchange rate, which have encouraged Nigerians abroad to use formal channels when sending money home.
She expressed optimism that the figures could climb to $1 billion monthly by 2026, aligning with Cardoso’s projections.
“This growth reflects renewed confidence in Nigeria’s financial institutions, and NIDCOM will continue to strengthen diaspora engagement through platforms like the Nigerian Diaspora Investment Summit, National Diaspora Day, and youth-focused initiatives,” Dabiri-Erewa said.
The development comes just days after Governor Cardoso told investors at a business roundtable in Sao Paulo, Brazil, that remittance flows have become a vital component of Nigeria’s foreign exchange inflows, following the liberalization and unification of the FX market.
With diaspora remittances contributing over $20 billion to the economy in 2024, analysts say the fresh momentum could play a crucial role in stabilizing the naira and boosting investment confidence.
Diaspora Remittances Hit $600m Monthly as NIDCOM Hails CBN Reforms
