Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has announced a significant increase in diaspora remittance inflows to the country, rising from $200 million to $600 million monthly.
Gatekeepers News reports that the information was shared during the Delta State–Brazil Business and Investment Roundtable in São Paulo, Brazil.
Cardoso attributed this surge to the Central Bank’s policies, which have made Nigeria’s exchange rate more competitive. He noted that, despite initial skepticism from critics regarding the Central Bank of Nigeria’s (CBN) reforms aimed at positioning diaspora inflows as a key source for diversifying the nation’s foreign exchange earnings, these strategies have proven effective.
He further emphasised that increased confidence among Nigerians in the diaspora in foreign exchange remittance channels has contributed to this rise in inflows.
“When we started looking at diaspora flows as a potential source of diversifying our foreign exchange flows, people laughed, and we found that we started off at about $200 million every month.
“In the last two months, the last count, we had reached $600 million per month. And by next year, we anticipate we will be getting at least $1 billion from our diaspora folks at home,” he stated.
