Nigeria’s diaspora remittances have skyrocketed by 200% to $600 million per month over the past two months, up from $200 million, according to Central Bank of Nigeria (CBN) Governor Olayemi Cardoso. Speaking at the Delta State-Brazil Business and Investment Roundtable in Sao Paulo, Brazil, on August 28, 2025, Cardoso projected that monthly inflows could reach $1 billion by 2026, significantly bolstering Nigeria’s foreign exchange reserves.
Cardoso highlighted that enhanced remittance channels and a more competitive exchange rate have eliminated the need for Nigerians abroad to use alternative methods to send money home. “The rising diaspora flows are diversifying our foreign exchange portfolio, reducing reliance on oil revenues,” he stated. This surge aligns with Nigeria’s economic gains, including a 67.12% increase in capital importation to $5.64 billion in Q1 2025 and foreign exchange reserves hitting a 44-month high of $41 billion.
The CBN’s efforts to stabilize the exchange rate, despite naira volatility (N1,560/$1 in the parallel market) and 21.88% inflation in July, have boosted investor confidence. Cardoso’s remarks underscore the government’s push to leverage diaspora contributions to strengthen Nigeria’s financial resilience amid global economic challenges, including volatile crude oil prices (Brent at $67.69 per barrel in July).
