Nigeria Records 200% Rise in Remittances as Inflows Triple to $600m

Nigeria has recorded a sharp increase in diaspora remittances with inflows rising to an average of $600 million monthly over the past two months, according to data released by the Central Bank of Nigeria (CBN).

This represents a 200 percent surge from the previous average of $200 million monthly.

The Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, said the increase reflects renewed confidence in the Nigerian economy, attributing the gains to recent policy reforms by the CBN.

She noted that the rise underscores the impact of measures introduced under the leadership of Governor Olayemi Cardoso, including the Non-Resident Bank Verification Number (BVN) and adjustments that created a more competitive exchange rate.

Dabiri-Erewa commended Nigerians abroad for their patriotism and trust in official remittance platforms, stressing that inflows at this scale will boost Nigeria’s foreign exchange position, enhance liquidity, and strengthen macroeconomic stability.

She added that the Federal Government remains committed to deepening diaspora engagement through programmes such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit.

Speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso said the reforms had redirected inflows back into formal channels.

“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 said.

NiDCOM and the CBN expressed confidence that remittances could grow further, projecting inflows of up to $1 billion monthly by 2026 if reforms are sustained and diaspora participation continues to strengthen.

The surge in remittances highlights the critical role of Nigerians abroad in supporting economic growth with official data positioning the country as one of the leading destinations for diaspora inflows in Africa.