Abike Dabiri-Erewa, the president and CEO of the Nigerians in Diaspora Commission (NIDCOM), attributed the recent rise in diaspora remittances to the Central Bank of Nigeria’s economic reforms and the Nigerians’ level of trust in the system.
Abdur-Rahman Balogun, the commission’s spokesperson, described the recent boom in Nigeria’s economy as “humongous” in a statement released by her on Monday in Abuja.
According to data from the Central Bank of Nigeria (CBN), Diaspora remittance inflows have tripled to $600 million per month over the past two months.
Dabiri-Erewa praised the CBN under Olayemi Cardoso’s leadership, whose various policies, including the introduction of the Non-Resident BVN and an exchange rate that, in her opinion, promoted more formal means of remitting funds, have contributed to the rise in remittances.
Dabiri-Erewa expressed confidence in the CBN Governor’s prediction that diaspora investment rates will reach $1 billion annually by 2026 and that NiDCOM will continue to promote events like the Nigerian Diaspora Investment Summit, National Diaspora Day, and Diaspora Youth Summit, as well as regular outreach to the diaspora wherever they are.
The President’s administration is determined to improve the well-being of Nigerians both domestically and abroad, according to the NIDCOM boss, who also praised the trust and patriotism of Nigerians in the diaspora.
[VIDEO] How To Recognize A Ponzi Scheme – SEC DG AgamaMeanwhile, Cardoso, who spoke at the Delta State–Brazil Business and Investment Roundtable in So Paulo, also attributed the increase to a more advantageous exchange rate and improved remittance channels, which he claimed have made it easier and more appealing for Nigerians to send money home via official platforms.
Our exchange rate is becoming significantly more competitive. No longer do those who previously used other channels to send money back home can do that,” said Cardoso.
Source: Channels TV
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