By Muhammad Mamman
Nigeria’s economy is receiving a major lift from its diaspora community, with remittance inflows surging by 200 per cent to $600 million a month, according to the Central Bank of Nigeria (CBN).
CBN Governor, Mr Olayemi Cardoso, disclosed this yesterday at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Brazil. He revealed that monthly inflows had climbed from about $200 million to $600 million in just two months — with projections to top $1 billion by next year.
Cardoso noted that improved remittance channels and a stronger exchange rate are boosting confidence among Nigerians abroad, who no longer feel compelled to use informal routes to send money home.
“Our exchange rate is becoming far more competitive,” he said. “Diasporans who once relied on alternative channels to remit funds no longer have to. When we first considered diaspora flows as a way of diversifying foreign exchange, we started with about $200 million monthly. Now, in the last two months alone, inflows have risen to $600 million, and by next year, we expect at least $1 billion.”
He stressed that these rising diaspora contributions are helping to diversify Nigeria’s foreign exchange earnings and reduce the country’s overreliance on oil revenues.
