CBN Governor: Diaspora Remittances Triple to $600m Monthly, Naira Gains Strength

|By Adejumo Adekunle

Nigeria’s diaspora remittances have surged from $200 million to $600 million monthly, according to Central Bank Governor Olayemi Cardoso.

Cardoso revealed the figures on Thursday at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Brazil, noting that the increase stems from the apex bank’s reform-driven policies aimed at stabilizing the naira and diversifying foreign exchange inflows.

“When we started looking at diaspora flows as a potential source of diversifying our foreign exchange flows, people laughed,” he said. “We started at about $200 million every month. In the last two months, we reached $600 million per month, and by next year, we anticipate at least $1 billion from our diaspora folks.”

The CBN chief stressed that Nigerians abroad are increasingly confident in official remittance channels, bolstering inflows and strengthening Nigeria’s FX position.

This development comes as the naira appreciated against the dollar on Thursday, closing at ₦1,535.47. The rise coincides with Nigeria’s growing external reserves, which climbed to $41.24 billion, according to CBN data.