DIASPORA REMITTANCES SURGE TO $600M MONTHLY, NIDCOM CHAIRMAN HAILS CBN

The Chairman/CEO of Nigerians in Diaspora Commission (NIDCOM), Hon. Abike Dabiri-Erewa, has attributed the recent unprecedented increase in diaspora remittances to the Renewed Hope policies of the Central Bank of Nigeria and the trust and confidence Nigerians in diaspora have in the system. In a statement issued by Abdur-Rahman Balogun, Director of Media, Public Relations and Protocols Unit, NiDCOM, Dabiri-Erewa described the boost to Nigeria’s economy from its diaspora community in recent times as humongous.

Abdur-Rahman Balogun said Dabiri-Erewa appreciated the CBN under the dynamic leadership of Mr. Olayemi Cardoso, its Governor, whose various policies have led to the upsurge in the remittances. “Diaspora remittance inflows tripled to $600 million monthly over the past two months, according to statistics from the Central Bank of Nigeria (CBN),” Balogun quoted Dabiri-Erewa as saying.

Dabiri-Erewa commended the trust and patriotism of Nigerians in Diaspora, adding that the President Bola Ahmed Tinubu administration is determined to improve the welfare of Nigerians home and abroad. Abdur-Rahman Balogun noted that Dabiri-Erewa shared the CBN Governor’s optimism that the figure could reach $1 billion per month by 2026.

The CBN Governor attributed the surge to a more competitive exchange rate and improved remittance channels, which have made it easier and more attractive for Nigerians abroad to send money home through official platforms. “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,” Cardoso said.

Abike Dabiri-Erewa said NIDCOM will continue to propagate activities like the Nigerian Diaspora Investment Summit, National Diaspora Day, Diaspora Youth Summit, and constant engagement with the Diaspora wherever they are. Abdur-Rahman Balogun quoted Dabiri-Erewa as saying the Commission is committed to supporting the growth of diaspora remittances and promoting investment opportunities in Nigeria.