NIDCOM Credits CBN Reforms for Surge in Diaspora Remittances

The Nigerians in Diaspora Commission (NIDCOM) has attributed the recent surge in remittance inflows to reforms by the Central Bank of Nigeria (CBN) and renewed confidence in the country’s financial system.

NIDCOM Chairman/CEO Abike Dabiri-Erewa made this known in a statement on Monday, September 1, 2025, signed by the Commission’s spokesperson, Abdur-Rahman Balogun.

According to CBN data, diaspora remittances have tripled in recent months, rising from $200 million to about $600 million monthly. The increase is linked to new policies introduced under CBN Governor Olayemi Cardoso, including the Non-Resident Bank Verification Number (NRBVN) platform and a more competitive exchange rate that has encouraged Nigerians abroad to embrace formal transfer channels.

Dabiri-Erewa commended Cardoso’s leadership, noting his optimism that inflows could hit $1 billion monthly by 2026. She also pledged that NIDCOM would sustain initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and Diaspora Youth Summit to deepen engagement with Nigerians abroad.

Last week in Sao Paulo, Brazil, Cardoso told participants at the Delta State–Brazil Business and Investment Roundtable that the CBN’s exchange rate reforms had made official channels more attractive, helping remittance inflows rise sharply. “When we started looking at diaspora flows, people laughed. We were at about $200 million monthly. Now, in just two months, we’ve reached $600 million, and by next year we anticipate at least $1 billion,” he said.

The Federal Government has repeatedly highlighted the diaspora community’s role as a critical economic driver. In July, it described Nigerians abroad as one of the nation’s most undervalued assets, pointing to their $20 billion contribution in remittances in 2024 alone. Dabiri-Erewa also revealed during a January budget defence session that Nigerians in the diaspora spent an estimated ?60 billion during visits home in December 2024.

With the CBN pushing reforms to unify the forex market and attract foreign capital, both the apex bank and NIDCOM have expressed confidence that diaspora remittances will continue to expand, providing a vital buffer for Nigeria’s external reserves.