AKINWALE ABOLUWADE
The Federal Government has commended the Central Bank of Nigeria (CBN) and Nigerians in the diaspora for the recent surge in remittances, which have tripled to $600 million monthly in the last two months.
Chairman/Chief Executive Officer of the Nigerians in Diaspora Commission (NIDCOM), Abike Dabiri-Erewa, attributed the increase to the CBN’s economic reforms and the renewed confidence of Nigerians abroad in official remittance channels.
In a statement issued on Monday by the Commission’s spokesperson, Abdur-Rahman Balogun, Dabiri-Erewa described the contribution of the diaspora community to Nigeria’s economy as “humongous.”
She applauded the CBN under the leadership of Olayemi Cardoso for policies that encouraged the growth, including the introduction of the Non-Resident Bank Verification Number (BVN) and a more competitive exchange rate, which she said boosted inflows through formal channels.
Echoing Cardoso’s optimism that remittances could reach $1 billion monthly by 2026, Dabiri-Erewa said NIDCOM would sustain initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, Diaspora Youth Summit, and constant engagement with diaspora communities.
She further lauded the patriotism of Nigerians abroad, stressing that the administration of President Bola Tinubu remains committed to improving the welfare of citizens at home and in the diaspora.
Meanwhile, speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso confirmed that remittance inflows had risen from around $200 million to $600 million monthly—a 200 per cent increase.
“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 said.
