By Nkechi Eze
Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, has hailed the Central Bank of Nigeria (CBN) and Nigerians abroad for their roles in driving a historic surge in diaspora remittances, which have tripled to $600 million monthly over the past two months.
In a statement issued by the Commission’s spokesperson, Abdur-Rahman Balogun, Dabiri-Erewa described the contribution of the Nigerian diaspora to the nation’s economy as “humongous,” attributing the unprecedented increase to the CBN’s Renewed Hope policies under the leadership of Governor Olayemi Cardoso, as well as the trust and confidence diasporans now have in formal remittance systems.
According to CBN statistics, diaspora remittance inflows, which previously hovered around $200 million monthly, have now surged to $600 million, representing a 200 per cent increase.
Dabiri-Erewa commended Cardoso for policies that encouraged the growth, including the introduction of the Non-Resident Bank Verification Number (BVN) and a more competitive exchange rate regime that has made official channels more attractive. She also expressed optimism that the figure could rise further, echoing the CBN governor’s projection that inflows could reach $1 billion monthly by 2026.
“NiDCOM will continue to promote activities like the Nigerian Diaspora Investment Summit, National Diaspora Day, Diaspora Youth Summit, and constant engagement with Nigerians abroad to sustain this momentum,” Dabiri-Erewa affirmed. She further lauded the patriotism of Nigerians in diaspora, noting that the administration of President Bola Ahmed Tinubu remains determined to improve the welfare of citizens both at home and abroad.
Speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso himself credited the surge to improved remittance channels and a friendlier exchange rate that have boosted confidence. “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,” he explained.
The CBN governor stressed that the dramatic increase in remittances reflects a stronger alignment between monetary policy reforms and diaspora confidence, underscoring the vital role of Nigerians abroad in stabilising and strengthening the economy.
