Dabiri-Erewa credits CBN policies, diasporan trust for surge in remittances

From Juliana Taiwo-Obalonye, Abuja

Chairman and CEO of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, has praised the Central Bank of Nigeria (CBN) and Nigerians abroad for a remarkable increase in diaspora remittances, calling it a significant boost to the national economy.

In a statement issued by NiDCOM’s spokesperson, Abdur-Rahman Balogun, Dabiri-Erewa highlighted that monthly remittance inflows have tripled over the past two months, reaching $600 million, according to CBN data.

She attributed this unprecedented growth largely to the CBN’s “Renewed Hope” policies, including the introduction of the Non-Resident Bank Verification Number (BVN) and the establishment of a more competitive exchange rate, which have encouraged more Nigerians abroad to remit funds through formal channels.

Dabiri-Erewa said, “The upsurge in diaspora remittances is humongous and reflects both the confidence Nigerians in diaspora have in the system and the positive impact of CBN’s initiatives under Governor Olayemi Cardoso’s leadership.”

Echoing the optimism of CBN Governor Cardoso, who foresees monthly remittances reaching $1 billion by 2026, she pledged that NiDCOM would continue organizing key initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit to deepen engagement with Nigerians abroad.

Governor Cardoso, addressing the Delta State–Brazil Business and Investment Roundtable in São Paulo, emphasised the role of a more competitive exchange rate and improved remittance channels in driving this growth. “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,” he stated.

He revealed that remittance inflows, which had hovered around $200 million per month, have now surged to $600 million—a 200 percent increase in recent months.
Dabiri-Erewa also commended the patriotism of Nigerians abroad and reaffirmed President Bola Ahmed Tinubu’s administration’s commitment to improving the welfare of Nigerians both at home and in the diaspora.