Nigeria’s diaspora remittances have surged by 200 percent to $600 million over the past two months, according to the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso.
Speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Brazil, Cardoso noted that monthly inflows have grown from about $200 million to $600 million and are projected to hit at least $1 billion by next year.
He explained that the strengthening of the exchange rate, coupled with improved remittance channels, means Nigerians abroad no longer need to rely on alternative routes to send money home.
“Our exchange rate is becoming a lot more competitive. And those who used to feel, especially the diasporans, who used to feel, oh, we have to look for another channel, another means to send our money back home, fine, they no longer have to do so,” Cardoso said.
The CBN Governor stressed that rising diaspora inflows are helping to diversify Nigeria’s foreign exchange portfolio and reduce overdependence on oil revenues.
