Nigeria’s Diaspora Remittances Surge to $600m Monthly, Says CBN Governor Cardoso

Nigeria’s diaspora remittances have witnessed a sharp surge, hitting $600 million monthly in the past two months, according to the Central Bank of Nigeria (CBN). The figure represents a 200 percent increase from the $200 million recorded earlier this year, boosting the country’s foreign exchange profile and strengthening economic stability.

CBN Governor, Mr. Olayemi Cardoso, disclosed the figures at the Delta State-Brazil Business and Investment Roundtable held in Sao Paulo, Brazil. He noted that the growth in inflows signals renewed confidence in Nigeria’s financial system, with projections showing diaspora remittances could reach at least $1 billion per month by 2026.

Cardoso attributed the rise to improved remittance channels and a more competitive exchange rate, which have discouraged Nigerians abroad from using informal or parallel market routes to send money home. “Our exchange rate is becoming a lot more competitive, and diasporans no longer feel the need to look for alternative channels,” he said.

The CBN Governor also highlighted the strategic importance of diaspora inflows in diversifying Nigeria’s foreign exchange portfolio. With oil revenues under pressure, remittances have emerged as a reliable non-oil source of forex, helping to stabilize the naira and reduce dependence on crude oil exports.

He further stressed that diaspora contributions remain vital to national growth, calling them “a powerful driver of investment and financial stability.” Analysts believe that if the upward trend continues, Nigeria’s economy could experience a stronger balance of payments position and improved investor confidence in the coming year.

Source: Vanguard