Nigeria Witnesses 200% Growth in Diaspora Remittances, Reaching $600M in 2 Months
Nigeria experiences a remarkable 200% surge in diaspora remittances, reaching $600 million in the last two months, as announced by Olayemi Cardoso, the CBN governor. This surge is attributed to the strengthening of the remittance channels and currency rates, reducing the country's reliance on oil earnings.
The Central Bank of Nigeria also disclosed a rise in the country's external reserves to over $41 billion, the first time in four years, enhancing the CBN's capacity to defend the naira. The growing diaspora inflow is diversifying Nigeria's portfolio and making the exchange rate more competitive.
Nigerians abroad no longer need alternative means to send money home due to improved remittance channels.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
Read full article
Continue on Legit NG
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Naira Gains Against Dollar Due to Increased Diaspora Remittances
Nigeria’s FX Reserves Up 9.4% to $40.29bn, Highest Since January
Nigeria’s Foreign Reserves Rise to Highest Level in Almost 4 Years
Naira Sees Marginal Improvement in August with Rising Reserves
Nigeria's Foreign Reserves Hit 4-Year High, Naira Gains Against Dollar
Nigeria's External Reserves Hit 4-Year High at $41.66bn
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
