From mercy Peter
The Chairman/CEO of Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, has applauded the Central Bank of Nigeria (CBN) and Nigerians abroad for driving an unprecedented rise in diaspora remittances, describing the inflows as a huge boost to Nigeria’s economy.
According to the CBN, remittance inflows have tripled from about $200 million monthly to $600 million in the past two months—a 200 per cent increase. The apex bank projects the figure could climb to as much as $1 billion per month by 2026.
In a statement issued by NiDCOM’s spokesperson, Abdur-Rahman Balogun, Dabiri-Erewa credited the surge to the Renewed Hope policies of the Tinubu administration and reforms introduced by the CBN under its Governor, Mr. Olayemi Cardoso. These reforms include the introduction of the Non-Resident Bank Verification Number (BVN) and a more competitive exchange rate that has encouraged Nigerians abroad to use official remittance channels.
“This humongous boost from our diaspora community is a testament to their trust, confidence, and patriotism,” Dabiri-Erewa said, while praising the CBN’s leadership.
“The Tinubu administration is committed to improving the welfare of Nigerians at home and abroad.”
She further assured that NiDCOM will continue to engage the diaspora community through platforms such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit, among other initiatives.
Speaking recently at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso also attributed the spike in inflows to improved policy measures that have made formal remittance channels more attractive.
“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 standing at $600 million monthly, analysts say the increase could provide significant foreign exchange support, strengthen Nigeria’s balance of payments, and stimulate economic growth if sustained.
