Story perspectives
Remittances Surge to $600M Monthly Amid Reforms
8/30/2025
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Story summary
- Central Bank of Nigeria Governor Olayemi Cardoso reported diaspora remittances rose from $200 million to $600 million monthly due to exchange rate reforms.
- He expects remittances to reach $1 billion monthly by next year.
- This increase supports Nigeria's strategy to diversify foreign exchange sources beyond oil.
- Personal remittance inflows for Nigeria reached $20.93 billion in 2024.
