CBN Pushes Banks to Drive $1bn Monthly Diaspora Remittances
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The Central Bank of Nigeria has called on commercial banks to intensify efforts toward unlocking up to $1 billion in monthly diaspora remittances before the end of 2026, as part of broader strategies to strengthen the country’s foreign exchange position.
Speaking during engagements at the IMF and World Bank Spring Meetings in Washington, D.C., CBN Governor Olayemi Cardoso highlighted the progress of ongoing economic reforms and renewed investor confidence in Nigeria’s financial system.
He noted that while the target remains achievable, deposit money banks must take greater responsibility in simplifying remittance processes for Nigerians abroad. According to him, financial institutions are expected to deploy more efficient digital channels, eliminate transaction delays, and improve access to formal remittance systems.
Cardoso explained that increased inflows from the diaspora would play a critical role in boosting foreign exchange liquidity, strengthening external reserves, and supporting overall economic stability.
He also pointed to recent improvements in key economic indicators, including easing inflation and a more stable foreign exchange market, attributing these gains to ongoing policy reforms. The governor maintained that Nigeria’s financial system is becoming more resilient and better positioned to attract both local and foreign investments.
On regional development, Cardoso reaffirmed Nigeria’s commitment to deeper financial integration across Africa, noting that the country’s hosting of the African Monetary Institute marks a significant step toward enhanced monetary cooperation.
He further disclosed that Nigeria’s recent banking recapitalisation exercise raised about ₦4.65 trillion, drawing strong participation from both domestic and international investors, an indication of growing confidence in the sector.
Reiterating the bank’s priorities, Cardoso said the CBN would continue to focus on sustaining reforms, strengthening institutions, and ensuring data-driven policies to support long-term economic growth.
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