Diaspora Remittances Surge After CBN Policy Overhaul

The Federal Government has expressed excitement over a sharp rise in diaspora remittances, which have surged to six hundred million dollars monthly in the past two months, according to figures from the Central Bank of Nigeria.

The Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, said that the increase reflected renewed confidence in the Nigerian economy and recent CBN policy reforms.

She commended CBN Governor, Olayemi Cardoso, for reforms such as the introduction of the Non-Resident Bank Verification Number and a more competitive exchange rate, which have encouraged Nigerians abroad to channel funds through official platforms.