Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has revealed a significant surge in diaspora remittance inflows, which have risen from $200 million to $600 million per month.
Cardoso made the disclosure on Thursday during the Delta State–Brazil Business and Investment Roundtable in São Paulo, Brazil. He attributed the sharp increase to the apex bank’s recent policy reforms aimed at enhancing confidence in foreign exchange (FX) remittance channels.
“When we started looking at diaspora flows as a potential source of diversifying our foreign exchange flows, people laughed,” Cardoso said.
“We started off at about $200 million every month. In the last two months, we reached $600 million. By next year, we anticipate at least $1 billion monthly from our diaspora folks.”
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He noted that Nigeria’s exchange rate has become more competitive as a result of ongoing CBN interventions, making remittance channels more attractive for Nigerians living abroad.
The surge in remittances comes amid broader efforts to stabilise Nigeria’s economy and strengthen the naira. On Thursday, the naira appreciated against the US dollar, closing at ₦1,535.47, supported by a sustained increase in external reserves, which now stand at $41.24 billion, according to CBN data.
Cardoso’s remarks underscore the CBN’s strategy to leverage diaspora contributions as a vital source of foreign exchange, helping to cushion the economy against external shocks and boost liquidity in the FX market.
