The Federal Government has welcomed the rise in diaspora remittances, which have tripled to six hundred million dollars monthly in the last two months. According to the Central Bank of Nigeria, the increase is linked to recent reforms and improved confidence in the financial system.
Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, praised the CBN under Governor Olayemi Cardoso for policies such as the Non-Resident BVN and a more competitive exchange rate, which encouraged the use of official remittance channels.
Also Read: CBN Launches NRBVN to Boost Diaspora Banking and Remittances
She noted that diaspora inflows provide a huge boost to the economy and expressed optimism, alongside the CBN, that remittances could reach one billion dollars a month by 2026. Dabiri-Erewa also highlighted ongoing diaspora initiatives, including investment summits and youth engagement.
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