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Nigerian executive head/head at the Diaspora Commission (NIDCOM), Abike Dabiri-Eleva, has praised the surge in diaspora money transfer for recent policy steps introduced by the Nigerian Central Bank (CBN) and increased trust between Nigeria abroad in the financial system.
In a statement issued on Monday in Abuja by the Director of the Media, Public Relations and Nidcom Protocol, Abdur-Rahman Balogun, Dabiri-Eleva described the contribution of the Diaspora community to the national economy as “Humongous,” noted that the flow of money had increased in the last three months.
“Dalab sending the Diaspora money three times to $ 600 million every month over the past two months, according to statistics from the Central Bank of Nigeria (CBN),” the statement quoted it.
He praised CBN under the leadership of Governor Olayemi Cardoso, quoting policies such as the introduction of the Non-Residen Bank Verification number (BVN) and competitive exchange rates as a factor that encouraged more Nigerians abroad to use official channels to send funds to home.
Cardoso’s echoing view, Dabiri-Erewa expressed optimism that the flow of entry could rise further in the coming years. “Sharing the optimism of the CBN Governor that this figure can reach $ 1 billion per month in 2026, Nidcom will continue to fight for initiatives such as the Nigerian diaspora investment summit, the National Diaspora Day, the Diaspora Youth Summit, and ongoing involvement with Nigeria abroad,” the statement added.
He also praised Nigeria’s patriotism in the diaspora, acknowledged their role in maintaining economic growth through consistent money senders.
Meanwhile, Cardoso, speaking at Roundtable Business and Investment in Delta State in São Paulo, associating the surge in money to be reformed to streamline and strengthen formal transfer channels.
The Governor of CBN explained that the inlet, which had previously floated around $ 200 million every month, had increased to $ 600 million, an increase of 200 percent. He maintains that this new reform, including the adoption of a more competitive exchange rate, has made money sending through an official platform more attractive.
The two officials noted that stable growth in the flow of money sending the potential of the Diaspora community in supporting Nigeria’s economic stability.
