Monthly Diaspora Remittances to Hit $1Bn – Cardoso

The Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso has is expecting monthly inflows from Nigerians abroad to reach $1 billion by 2026.

Cardoso expressed the possible boom in diaspora remittances on Thursday while speaking at the Delta State-Brazil Business and Investment Roundtable in Sao Paulo, Brazil.

According to him, the country is already seeing signs of the boom with Nigeria’s diaspora remittances rising by 200% from $200 million to $600 million in the past two months with projections to hit $1 billion by next year.

He added that Nigeria’s foreign exchange profile is witnessing a major boost.

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.

“When we started looking at diaspora flows as a potential source of diversifying our foreign exchange flows, people laughed, and we found that we started off at about $200 million every month.

“In the last two months, the last count, we had reached $600 million per month. And by next year, we anticipate we will be getting at least $1 billion from our diaspora folks at home.

“So, I am saying this because it is also important to understand that these flows are helping to diversify our foreign exchange portfolio.”