Dabiri-Erewa hails CBN, diaspora remittances growth

The Chairman/CEO of the Nigerians in Diaspora Commission (NIDCOM), Mrs. Abike Dabiri-Erewa, has hailed the Central Bank of Nigeria (CBN) and Nigerians abroad for the unprecedented rise in diaspora remittances, describing the development as a major boost to the economy.

According to recent CBN data, remittance inflows have surged from about $200 million to $600 million monthly over the past two months: a 200% increase.

Dabiri-Erewa attributed the leap to reforms under the “Renewed Hope” economic agenda and the confidence diaspora Nigerians continue to show in the system.

“The boost from our diaspora community in recent times is humongous,” she said in a statement issued by NiDCOM’s spokesperson, Abdur-Rahman Balogun. “We appreciate the CBN under the dynamic leadership of Governor Olayemi Cardoso, whose policies — including the introduction of the Non-Resident BVN and a competitive exchange rate — have encouraged more formal remittance channels,” she said.

The NIDCOM boss also commended Nigerians abroad for their patriotism and trust, assuring them that President Bola Ahmed Tinubu’s administration remains committed to improving the welfare of citizens at home and abroad.

She added that NiDCOM would sustain engagement with diaspora communities through platforms such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit.

Meanwhile, speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, CBN Governor Olayemi Cardoso confirmed that the reforms have made official channels more attractive.

“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,” Cardoso said.

He expressed optimism that monthly remittances could reach $1 billion by 2026 if the momentum is sustained.

Editing by Abdullahi Lamino