From laughter to billions. Nigeria’s diaspora money now floods home.

By: Akinde Oluwaseun

Olayemi Cardoso remembers the smirks. When the Central Bank first floated the idea that diaspora remittances could be a big player in Nigeria’s foreign exchange game, critics brushed it off. Too shaky. Too small. But two years down the line, numbers are doing the shouting.

What began as a modest $200 million a month has swollen to $600 million. Every month. Same critics? Quiet now. Because the “impossible” suddenly looks like the foundation of something bigger. Cardoso, speaking at a business roundtable in São Paulo, was more matter‑of‑fact than celebratory. The goal is bigger: $1 billion a month by next year.

It’s not just about sentiment. Policy shifts at the apex bank are making FX channels more transparent, more competitive, less of a gamble. And Nigerians overseas—engineers in Houston, nurses in London, techies in Berlin—all seem a little more confident sending money back home. That confidence is currency.

Meanwhile, at home, the ripple shows. The naira edged stronger, closing at ₦1,535 to the dollar, helped by rising reserves north of $41 billion. It’s not victory yet, not even close, but for a country fighting tooth and nail with its foreign exchange demons, this feels like a tide turning.

And so, money crosses oceans. From family WhatsApp groups in Toronto to market stalls in Lagos. From payrolls in New York to roof repairs in Ibadan. Each transfer tiny in the grand scheme—yet collected, counted, they now stand as one of Nigeria’s biggest lifelines.