Cardoso Reports $4.2 Billion Boost in Diaspora Remittances: What It Means
According to the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, diaspora remittances into Nigeria rose to $4.2 billion within the first ten months of 2024.
This marks a significant boost in the nation’s foreign exchange earnings and highlights the vital role of Nigerians in the diaspora in supporting the economy.
Cardoso revealed this during an official address, emphasizing the importance of these inflows in stabilizing Nigeria’s economy amid forex challenges.
The increase in remittances is attributed to a combination of policy adjustments, digital banking improvements, and the resilience of Nigerians abroad in contributing to their home country.
The CBN governor also noted that this inflow helps cushion the impact of dwindling oil revenues, providing a reliable alternative source of foreign exchange.