Figures cited by ThisDay show a significant uptick in direct remittances from Nigerians in the diaspora following a new Executive Order aimed at streamlining revenue collections. The government’s move to probe past revenue leakages has reportedly boosted confidence among the diaspora, leading to more formal channels being used for fund transfers.
The Central Bank’s tight monetary policy has also resulted in the reserves of several top-tier banks rising to N6.9 trillion. This increased liquidity is expected to stabilize the naira and provide the necessary buffers for the economy as it enters the second quarter of the year.
Vanguard reported that “Stanbic IBTC and FCMB saw significant reserve growth,” while The Guardian noted that “diaspora engagement is now a key pillar of the 2026 fiscal strategy.” A financial analyst stated, “The clarity in FX rules is finally bringing the ‘invisible’ money home.”
Echotitbits take: The diaspora is Nigeria’s largest “oil well.” If the government can maintain the transparency of these remittance channels, it provides a much-needed alternative to the volatile oil market for foreign exchange supply.
Source: BusinessDay – https://businessday.ng/news/article/naira-gains-across-fx-markets-as-remittance-rule-boosts-liquidity/, March 31, 2026
Photo credit: BusinessDay
