The Chairman/CEO of Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, has hailed the Central Bank of Nigeria (CBN) and Nigerians abroad for their role in driving a historic surge in diaspora remittances, which have tripled to $600 million monthly in recent months.
In a statement signed by NiDCOM’s Director of Media, Public Relations and Protocols, Abdur-Rahman Balogun, Dabiri-Erewa attributed the rise to the Renewed Hope economic policies of the Tinubu administration, reforms of the CBN, and the continued trust and patriotism of Nigerians in the diaspora.
She praised the CBN under the leadership of Governor Olayemi Cardoso, whose initiatives including the introduction of the Non-Resident BVN and a more competitive exchange rate have encouraged the use of formal remittance channels.
Sharing the optimism of the CBN governor that inflows could reach $1 billion monthly by 2026, Dabiri-Erewa assured that NiDCOM will continue to drive diaspora-focused programmes such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and Diaspora Youth Summit to deepen engagement.
“The contributions of our diaspora community to Nigeria’s economy are humongous, and their confidence in the system is highly commendable,” she said.
Speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso also linked the surge to a fairer exchange rate and easier remittance processes, which 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,” he noted, disclosed that monthly inflows, once at $200 million, have now risen by 200 per cent to $600 million.
