Nigeria’s monthly diaspora remittances have tripled to $600 million, with the CBN projecting $1 billion by 2026.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that diaspora remittance inflows into the country have surged from $200 million to $600 million monthly.
Cardoso made this known at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Brazil, on Thursday. He attributed the increase to ongoing CBN reforms that have made Nigeria’s exchange rate more competitive and boosted confidence in official remittance channels.
“When we started looking at diaspora flows as a potential source of diversifying our foreign exchange flows, people laughed, and we found that we started off at about $200 million every month,” he said. “In the last two months, the last count, we had reached $600 million per month. And by next year, we anticipate we will be getting at least $1 billion from our diaspora folks at home.”