Nigeria’s diaspora remittances have surged to $600 million per month, tripling from previous levels of $200 million.
NIDCOM Chair Abike Dabiri-Erewa credited the jump to Central Bank of Nigeria (CBN) reforms — including the Non-Resident BVN and a more competitive exchange rate — which have restored confidence in formal remittance channels.
The CBN Governor, Olayemi Cardoso said the policy shift has redirected funds from informal routes into the official system, boosting the economy.
Dabiri-Erewa praised Nigerians abroad for their patriotism and projected inflows could rise to $1 billion monthly by 2026 if the trend continues.
