In a significant development for Nigeria’s economy, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has announced a remarkable 200 percent increase in diaspora remittances over the past two months. Speaking during the Delta State-Brazil Business and Investment Roundtable in São Paulo, Brazil, Cardoso disclosed that the inflow of remittances from Nigerians abroad has surged from $200 million per month to an impressive $600 million monthly. The Central Bank projects that by next year, this figure could rise to at least $1 billion monthly.

Cardoso attributed this positive trend to a more competitive exchange rate regime and the improvement of remittance channels, which have simplified the process for Nigerians living abroad to send money back home. He explained that the need for unofficial or alternative money transfer routes is diminishing as the formal remittance system becomes more efficient and trustworthy.

According to the CBN governor, the growth in diaspora inflows is playing a vital role in strengthening Nigeria’s foreign exchange reserves and reducing the country’s historical overdependence on oil revenues. He emphasized that these remittances are becoming a key component in diversifying Nigeria’s foreign exchange sources, making the economy more resilient to fluctuations in the global oil market.

Cardoso also highlighted that this boost in remittances reflects growing confidence in Nigeria’s monetary policies and financial infrastructure. He noted that when the idea of tapping into diaspora flows was first introduced, it was met with skepticism. However, the recent surge in figures is evidence that the strategy is yielding tangible results.