The Governor of the Central Bank of Nigeria, Olayemi
Cardoso, has said that diaspora remittance inflow into the country increased
from $200 million to $600 million monthly.
He disclosed this at the Delta State–Brazil Business and
Investment Roundtable on Thursday in São Paulo, Brazil.
According to him, following the apex bank’s policies, the
country’s exchange rate is becoming more competitive.
He said critics laughed at the CBN when it began rolling out
reforms to ensure that diaspora inflows became a potential source of
diversifying Nigeria’s foreign exchange inflows.
He added that Nigerians in the diaspora were now more
confident in FX remittance channels, which is part of the reason for the surge
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.
The naira appreciated against the
dollar on Thursday to close at N1,535.47 amid a sustained rise in external
reserves, which stood at $41.24 billion, according to CBN data.
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