- CBN Reforms, Diaspora Trust Driving Remittance Surge – Dabiri-Erewa
- Dabiri-Erewa described the jump in remittance inflow as “humongous”
- “Our exchange rate is becoming a lot more competitive” – Cardoso
Hon. Abike Dabiri-Erewa, Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), has hailed the recent surge in diaspora remittances as a major boost to Nigeria’s economy, attributing the increase to key policy reforms by the Central Bank of Nigeria (CBN) and renewed trust among Nigerians abroad.
Eko Hot Blog reports that Dabiri-Erewa described the jump in remittance inflow, now averaging $600 million monthly as “humongous,” saying it reflects growing confidence in the country’s financial systems and leadership.
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She credited the CBN’s “Renewed Hope” economic policies, particularly under Governor Olayemi Cardoso, for driving the increase.
“These inflows are a testament to the patriotism of Nigerians in the diaspora and the effectiveness of recent policy measures,” she said in a statement issued by NiDCOM’s spokesperson, Abdur-Rahman Balogun.
Recent data from the CBN shows that monthly remittance inflows have tripled, up from around $200 million to $600 million in just two months.
The spike has been linked to reforms such as the introduction of the Non-Resident BVN and a more competitive exchange rate, which have encouraged the use of formal remittance channels.
Dabiri-Erewa commended the CBN Governor for creating a more favorable environment for diaspora engagement and expressed optimism that monthly inflows could reach $1 billion by 2026, echoing projections made by Cardoso himself.
“NiDCOM will continue to drive initiatives that engage the diaspora, such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit,” she said, reaffirming the Commission’s commitment to strengthening ties with Nigerians abroad.
Speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Governor Cardoso also noted that improved exchange rate policies and formal remittance mechanisms have made sending money home easier and more attractive for Nigerians living overseas.
“Our exchange rate is becoming a lot more competitive,” Cardoso said. “Those who previously sought other channels to send their money back home no longer have to do so.”
Dabiri-Erewa also emphasized the Tinubu administration’s commitment to the welfare of Nigerians both at home and abroad, stressing that continued collaboration between government agencies and the diaspora community will be vital to sustaining the current momentum.
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