Governor of the Central Bank of Nigeria, Olayemi Cardoso, has stated that diaspora remittance inflow into the nation rose from $200 million to $600 million monthly.
Cardoso made this disclosure at the Delta State–Brazil Business and Investment Roundtable on Thursday in São Paulo, Brazil.
He said the policies of the CBN have made the local currency gain some strength, as the exchange rate is becoming more competitive.
He said further that Nigerians in the diaspora were now more confident in foreign exchange remittance channels, which is part of the reasons for the rise in inflow.
“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,” he stated.
