CBN Pushes Banks To Unlock $1bn Monthly Diaspora Inflows

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has urged deposit money banks to take full advantage of the enabling environment created by the apex bank to unlock up to $1bn in monthly diaspora remittances by the end of 2026.

Cardoso made the call during engagements at the 2026 Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, where he highlighted Nigeria’s ongoing economic reforms and the growing confidence of investors in the country.

According to him, the CBN’s target of achieving $1bn in monthly remittance inflows remains firmly on track, stressing that banks must play a critical role in ensuring that Nigerians in the diaspora can seamlessly send funds home through formal financial channels.

He noted that improved policies and reforms in the foreign exchange market, alongside efforts to enhance transparency and efficiency, have created a conducive environment for increased inflows.

“The target is achievable, but it requires the active participation of banks in leveraging the opportunities provided by the current reforms,” Cardoso said.

He emphasised that simplifying remittance processes, reducing transaction costs, and improving customer experience for Nigerians abroad would be key to realising the ambitious target.

Cardoso further explained that boosting diaspora remittances would not only strengthen Nigeria’s foreign exchange reserves but also support macroeconomic stability and inclusive growth.

He pointed out that remittances remain a vital source of foreign exchange for the country, often exceeding foreign direct investment and official development assistance.

The CBN governor also highlighted broader reform efforts by the apex bank, including measures to stabilise the naira, enhance liquidity in the foreign exchange market, and restore investor confidence.

He reiterated that Nigeria’s reform agenda continues to gain global recognition, noting that the country’s progress stood out despite prevailing global economic uncertainties.

Cardoso maintained that the apex bank would continue to pursue data-driven policies aimed at sustaining stability, strengthening institutions, and creating opportunities for economic growth.

He added that collaboration with international partners and financial institutions would further support Nigeria’s efforts to deepen financial inclusion and improve the efficiency of its financial system.

ENDS