Nigeria’s monthly diaspora remittances have tripled to $600 million in the last two months, according to the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso.
Speaking at the Delta State–Brazil Business and Investment Roundtable held in São Paulo, Brazil, Cardoso revealed that remittance inflows have grown significantly from around $200 million to $600 million monthly. He projected that the figure could rise to at least $1 billion per month by 2026.
Cardoso noted that the increase is contributing to the country’s foreign exchange stability and reducing its reliance on oil revenue. He attributed the growth to more competitive exchange rates and improvements in official remittance channels, which have encouraged Nigerians abroad to use formal platforms for sending money home.
“Our exchange rate is becoming far more competitive,” he said. “Previously, many in the diaspora felt compelled to use unofficial channels to send funds back to Nigeria. That is no longer the case.”
He continued: “When we began looking into diaspora inflows as a means of diversifying our foreign exchange sources, there was skepticism. At the time, monthly remittances were around $200 million. Now, in just the past two months, we’ve seen that figure rise to $600 million. By next year, we expect inflows to reach at least $1 billion per month.”
Cardoso emphasized that the rising remittances are playing a crucial role in strengthening Nigeria’s foreign exchange portfolio, helping to mitigate volatility, and reducing dependence on crude oil exports.
