Federal Government has reported a 200% increase in diaspora remittances, rising from $200 million to $600 million monthly over the past two months, as announced by the Nigerians in Diaspora Commission (NiDCOM) on September 1, 2025.
NiDCOM Chairman Abike Dabiri-Erewa attributed this surge to Central Bank of Nigeria (CBN) reforms under Governor Olayemi Cardoso, including the Non-Resident Bank Verification Number and a competitive exchange rate, which have boosted confidence and encouraged use of official remittance channels. Dabiri-Erewa highlighted NiDCOM’s efforts to deepen diaspora engagement through initiatives like the Nigerian Diaspora Investment Summit, National Diaspora Day, and Diaspora Youth Summit, expressing optimism that remittances could reach $1 billion monthly by 2026.
Meanwhile Cardoso, speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, emphasized that the competitive exchange rate has reduced reliance on unofficial channels, further strengthening Nigeria’s economy.
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