The Central Bank of Nigeria (CBN) has set a target of achieving $1 billion in monthly diaspora remittance inflows by the end of 2026, which would represent a significant rise from the current figure of more than $600 million received monthly.
CBN Governor, Olayemi Cardoso, disclosed this on Thursday during the BusinessDay CEO Forum Nigeria held in Lagos, stating that the bank’s efforts to engage Nigerians abroad and strengthen partnerships with commercial banks are already producing positive outcomes.
Cardoso explained that boosting diaspora remittances is part of the CBN’s wider plan to diversify Nigeria’s foreign exchange sources and improve the country’s external liquidity.
He said the apex bank has been working closely with financial institutions and members of the diaspora to address challenges that have discouraged Nigerians abroad from using official remittance channels.
According to him, the initiative remains ongoing, with the CBN committed to increasing formal inflows from Nigerians living outside the country.
Nigeria has continued to depend on diaspora remittances as an important source of foreign exchange, alongside earnings from oil exports and foreign investments.
Earlier in the year, the CBN introduced measures requiring International Money Transfer Operators (IMTOs) to maintain naira settlement accounts with authorised banks in Nigeria. The move was designed to improve transparency, monitoring, and accountability in the remittance sector.
The policy requires all transactions linked to international money transfers, including inflows and beneficiary payments, to pass through approved settlement accounts.
Cardoso also highlighted improvements in Nigeria’s foreign reserves, attributing the growth to reforms introduced by the apex bank since he assumed office in 2023.
He said the country’s gross external reserves have increased significantly, while net reserves have also recorded major growth during the period.
The CBN governor added that future monetary policy decisions would continue to rely on economic data and current market conditions as policymakers prepare for the next Monetary Policy Committee meeting.
