{"id":347730,"date":"2025-09-12T01:15:26","date_gmt":"2025-09-12T00:15:26","guid":{"rendered":"https:\/\/www.thetidenewsonline.com\/?p=347730"},"modified":"2025-09-11T18:20:52","modified_gmt":"2025-09-11T17:20:52","slug":"nigerias-diaspora-inflows-hit-600m-monthly","status":"publish","type":"post","link":"https:\/\/www.thetidenewsonline.com\/?p=347730","title":{"rendered":"Nigeria&#8217;s Diaspora Inflows Hit $600m Monthly"},"content":{"rendered":"<div dir=\"auto\">The Central Bank of Nigeria (CBN) has disclosed that remittances of Nigeria\u2019s diaspora has surged by 200 percent, as the figure now hits $600 million in the past two months.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Governor of the Central Bank, Mr. Olayemi Cardoso, who revealed this in a release recently, said that Nigeria\u2019s foreign exchange profile is witnessing a major boost.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">According to the CBN release, the monthly inflows have grown from about $200 million to $600 million in the past two months, with projections to hit at least $1 billion by next year.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">He emphasised that the strengthening of the exchange rate and improved remittance channels mean Nigerians abroad no longer need alternative routes to send money home.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">According to him, the rising diaspora flows are diversifying Nigeria\u2019s foreign exchange portfolio and reducing overdependence on oil revenues.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u00a0\u201cOur exchange rate is becoming a lot more competitive. And those who used to feel, especially the diasporans, who used to feel, oh, we have to look for another channel, another means to send our money back home, fine, they no longer have to do so.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cWhen 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.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cIn 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.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cSo I am saying this because it is also important to understand that these flows are helping to diversify our foreign exchange portfolio&#8221;, Cardoso stated.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Corlins Walter<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has disclosed that remittances of Nigeria\u2019s diaspora has surged by 200 percent, as the figure now hits $600 million in the past two months. Governor of the Central Bank, Mr. Olayemi Cardoso, who revealed this in a release recently, said that Nigeria\u2019s foreign exchange profile is witnessing a major [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-347730","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/347730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=347730"}],"version-history":[{"count":1,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/347730\/revisions"}],"predecessor-version":[{"id":347743,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/347730\/revisions\/347743"}],"wp:attachment":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=347730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=347730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=347730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}