CBN Targets $1bn Monthly Diaspora Remittances by 2026 — Cardoso
- 6 days ago
- 2 min read
The Central Bank of Nigeria (CBN) has unveiled plans to grow diaspora remittances to $1 billion monthly by the end of 2026, positioning inflows from Nigerians abroad as a key pillar of the country’s foreign exchange stability.
CBN Governor Olayemi Cardoso disclosed this during the first Monetary Policy Forum of 2026 held in Abuja, where he outlined the bank’s ongoing economic reforms and their impact on the financial system.
He explained that recent restructuring of the foreign exchange market has significantly improved transparency and efficiency. Measures such as clearing a backlog of over $7 billion in FX obligations, introducing a willing-buyer willing-seller framework, and tightening reporting standards have restored confidence among investors and market participants.
According to Cardoso, diaspora remittances have emerged as one of Nigeria’s most reliable FX sources, particularly during periods of economic volatility. Monthly inflows through formal channels have increased sharply from about $200 million to roughly $600 million, with the apex bank aiming to sustain this upward trajectory.
He noted that the reforms have also enhanced liquidity in the FX market, reduced the gap between official and parallel market rates to minimal levels, and strengthened Nigeria’s standing with international financial institutions.
The governor further highlighted improvements in the country’s external reserves, which rose significantly over the past year, supported by better asset management strategies and the inclusion of gold-backed reserves.
Cardoso added that these gains have contributed to positive global recognition, including credit rating upgrades and Nigeria’s removal from a key international financial monitoring list.
Also speaking at the forum, Deputy Governor for Economic Policy, Mohammed Abdullahi, stressed the need for continued collaboration among policymakers and stakeholders, noting that sustainable macroeconomic stability requires collective responsibility beyond the central bank’s efforts.
The forum, themed around strengthening macroeconomic stability, brought together experts to discuss policy direction and the role of coordinated economic management in sustaining growth.
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