Nigeria’s diaspora remittances surged by 200 percent to $600 million in the past two months. The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, who revealed this yesterday also said that Nigeria’s foreign exchange profile is witnessing a major boost.
Cardoso who was speaking at the Delta State-Brazil Business and Investment Roundtable yesterday in Sao Paulo, Brazil, said the monthly inflows have grown from about $200 million to $600 million in the past two months, with projections to hit at least $1 billion by next year.
He emphasised that the strengthening of the exchange rate and improved remittance channels mean Nigerians abroad no longer need alternative routes to send money home.
According to him, the rising diaspora flows are diversifying Nigeria’s foreign exchange portfolio and reducing overdependence on oil revenues.
He stated: “Our exchange rate is becoming a lot more competitive. And those who used to feel, especially the diasporans, who used to feel, oh, we have to look for another channel, another means to send our money back home, fine, they no longer have to do so.”
