Nigeria’s diaspora remittances have rises harply to $600 million per month in the past two months, marking a 200 percent increase, according to Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso.
Speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Brazil, Cardoso revealed that inflows jumped from about $200 million monthly and could reach $1 billion per month by 2026.
He credited the surge to a more competitive exchange rate and strengthened remittance channels, which have discouraged Nigerians abroad from relying on informal transfer methods.
“Our exchange rate is now far more competitive. Many who previously turned to alternative channels to remit funds no longer need to do so,” Cardoso explained.
The apex bank governor added that the growing inflows are helping diversify Nigeria’s foreign exchange earnings and reducing dependence on oil revenues.
“When we first began exploring diaspora inflows as a means of broadening our FX sources, many were skeptical. But we started at $200 million a month, have now reached $600 million, and by next year, we expect at least $1 billion from our diaspora community,” he said.
0 Comments