CBN Targets $1bn Diaspora Reserve by 2026, Applauds Banks’ Role

The Central Bank of Nigeria (CBN) has announced plans to grow the country’s diaspora reserve to $1 billion by 2026, a significant increase from the current $600 million.

Governor Olayemi Cardoso disclosed this during the 18th Annual Banking and Finance Conference hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.

Cardoso noted that the apex bank had put in place a comprehensive framework to achieve the target within the set timeframe. He stressed that the role of commercial banks would be decisive in meeting the milestone.

“It is now up to the banks to drive this forward. I commend Zenith, Access, Fidelity, and many others already pushing strongly in this direction. I am personally invested in ensuring this initiative continues because it reshapes how Nigerians in the diaspora perceive and support the economy,” Cardoso said.

Themed “The New Economic Playbook: The Intersection of Banking, Policy and Technology”, the two-day conference highlighted policy innovation and technology as key to repositioning Nigeria’s financial sector.