The Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, has attributed the recent surge in diaspora remittances to the Central Bank of Nigeria’s (CBN) policy reforms under the administration of President Bola Ahmed Tinubu.
According to Dabiri-Erewa, the Renewed Hope economic policies, alongside measures introduced by the CBN, have boosted trust and confidence among Nigerians in the diaspora, resulting in unprecedented inflows through formal channels.
Statistics from the CBN show that diaspora remittances have tripled, rising from an average of $200 million to $600 million monthly in the past two months.
In a statement issued by NiDCOM’s spokesperson, Abdur-Rahman Balogun, Dabiri-Erewa described the development as a “humongous boost” to Nigeria’s economy, stressing that it reflects the patriotism and commitment of Nigerians abroad.
She commended CBN Governor Olayemi Cardoso for policies that have encouraged the upsurge, including the introduction of the Non-Resident Bank Verification Number (BVN) and a more competitive exchange rate, which have made official remittance channels more attractive.
Dabiri-Erewa also expressed optimism that with sustained reforms, inflows could hit $1 billion monthly by 2026.
She pledged that NiDCOM would continue to mobilise diaspora support through initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and Diaspora Youth Summit.
“The President Tinubu administration is determined to improve the welfare of Nigerians both at home and abroad, and the diaspora community is responding with trust and patriotism,” she noted.
Speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso reaffirmed that CBN’s reforms were responsible for the rise.
“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.
Cardoso disclosed that remittances, which had hovered around $200 million monthly, have now climbed to $600 million—a 200 per cent increase.
