Nigeria’s economy is getting a boost from its diaspora community, with remittances rising sharply to $600 million every month in the past two months, according to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.

Cardoso revealed the figures while speaking at the Delta State-Brazil Business and Investment Roundtable in São Paulo, Brazil. He explained that the surge represents a 200 percent increase from the previous average of $200 million per month.

The CBN Governor attributed the growth to a more competitive exchange rate and the introduction of improved remittance channels, which have encouraged Nigerians abroad to send money home through official systems rather than informal routes.

“Our exchange rate is becoming a lot more competitive. Those who previously sought other channels to send their money back home no longer have to do so,” Cardoso said.

He further noted that this trend is helping Nigeria diversify its foreign exchange portfolio and reduce heavy reliance on oil revenues.

“When we started considering diaspora flows as a source of diversifying our foreign exchange earnings, people laughed. But we started at $200 million every month. In the last two months, we have reached $600 million per month, and by next year, we anticipate at least $1 billion from our diaspora community,” he added.

With remittances ranking among Nigeria’s top sources of foreign exchange inflows, experts say this development could provide much-needed stability for the naira and support economic growth.