Diaspora remittances surge to $600m monthly, set to hit $1bn in 2026 – CBN governor

Nigeria’s diaspora remittances have risen sharply to $600 million per month in the last two months, representing a 200 percent increase from previous levels, according to Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso.

Cardoso, who disclosed this on Thursday at the Delta State-Brazil Business and Investment Roundtable in São Paulo, Brazil, said the growing inflows are strengthening the country’s foreign exchange reserves and reducing reliance on oil revenue.

“When we started looking at diaspora flows as a potential source of diversifying our foreign exchange portfolio, people laughed,” Cardoso said. “We began at about $200 million every month. In the last two months, the figure has climbed to $600 million monthly. By next year, we expect inflows to reach at least $1 billion.”

The CBN governor attributed the surge to a more competitive exchange rate and improved remittance channels, which have eliminated the need for Nigerians abroad to use unofficial transfer routes.

“Our exchange rate is becoming a lot more competitive. Diasporans who used to look for alternative means to send money back home no longer have to do so,” he said, stressing that the inflows are playing a key role in stabilising the forex market.

Cardoso added that the central bank’s reforms are aimed at diversifying Nigeria’s forex earnings base to ensure long-term stability and resilience.

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