Nigeria's Monthly Diaspora Inflows Triple to $600M on FX Reforms

Central Bank of Nigeria Governor Yemi Cardoso says formal diaspora remittances have tripled to about US$600 million a month, with a target of US$1 billion monthly by end-2026 and full-year inflows projected near US$26 billion. The surge follows controversial 2023 FX reforms that have collapsed the gap between official and parallel naira rates to roughly 2%, alongside new non-resident naira accounts that pull transfers into formal channels. For the Nigerian diaspora, the practical shift is that sending money home through official platforms is now closer to par with the street rate — reducing the old incentive to use informal channels and opening cleaner routes into domestic savings and investment.

Source: Business Post; Central Bank of Nigeria; Businessday.