Nigeria’s diaspora remittances have surged by 200 percent to $600 million monthly in the past two months, according to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.

 

 

 

Speaking at the Delta State-Brazil Business and Investment Roundtable in São Paulo, Brazil, Cardoso said the inflows rose from about $200 million per month and are projected to reach at least $1 billion monthly by next year.

 

 

 

 

He attributed the increase to a more competitive exchange rate and improved remittance channels, which have reduced the need for Nigerians abroad to use alternative methods to send money home.

 

 

 

“Our exchange rate is becoming a lot more competitive. Those who previously sought other channels to send their money back home no longer have to do so,” Cardoso said.

 

 

 

 

He added that the rising inflows are diversifying Nigeria’s foreign exchange portfolio and reducing the nation’s dependence on oil revenue.

 

 

 

“When we started considering diaspora flows as a source of diversifying our foreign exchange earnings, people laughed. But we started at $200 million every month. In the last two months, we have reached $600 million per month, and by next year, we anticipate at least $1 billion from our diaspora community,” he stated.