Diaspora remittances to Nigeria have surged 200 percent to $600 million monthly, with the CBN projecting $1 billion inflows by 2026.
Nigeria’s diaspora remittances have risen sharply, surging from $200 million to $600 million per month in the past two months, according to the Central Bank of Nigeria (CBN). Governor Olayemi Cardoso disclosed the figures at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Brazil.
Cardoso said the growth highlights increased confidence in the official foreign exchange system and improved remittance channels. “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,” he said.
He noted that projections show inflows could reach $1 billion monthly by next year, providing a crucial buffer against oil dependence. The CBN has also expanded payment options through the eNaira, requiring International Money Transfer Operators to pre-fund CBN accounts in foreign currency before settling in eNaira.
Nigeria accounted for 38% of remittance inflows into sub-Saharan Africa in 2023, World Bank data shows.