Central Bank of Nigeria targets $1bn monthly remittances as inflows rise to $600m
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The Governor of the Central Bank of Nigeria, Olayemi Cardoso, says Nigeria is working towards achieving $1 billion in monthly diaspora remittances after recent inflows climbed to an average of $600 million per month.
Speaking in Abuja during the G-24 Technical Group meetings, Mr Cardoso said ongoing financial sector reforms have begun yielding measurable results, particularly in formal remittance channels.
He explained that regulatory adjustments introduced in 2024 were designed to simplify diaspora transactions, eliminate bottlenecks and encourage Nigerians abroad to use official banking routes.
Key initiatives include the Non-Resident Nigerian Ordinary Account, which allows Nigerians living overseas to send funds and support relatives more seamlessly, and the Non-Resident Nigerian Investment Account, created to attract diaspora investments into the domestic economy.
The apex bank has also rolled out a Non-Resident Bank Verification Number platform, enabling Nigerians abroad to open and manage local bank accounts remotely without returning home.
According to the CBN governor, the reforms are focused on improving transparency, reducing transaction friction and strengthening confidence in the country’s financial system.
Remittances remain one of Nigeria’s most important sources of foreign exchange, alongside crude oil earnings and capital inflows. Sustained growth in diaspora transfers, analysts note, could bolster external reserves, ease pressure on the naira and improve liquidity in the foreign exchange market.
Although no specific timeline was given for reaching the $1 billion benchmark, Mr Cardoso expressed confidence that improved cross-border payment systems and lower transaction costs would drive higher volumes in the coming months.
Global data show that remittance transfer charges across many corridors still exceed six per cent on average, a level considered high for developing economies heavily dependent on diaspora support.
If achieved, a $1 billion monthly inflow would significantly expand Nigeria’s foreign exchange buffers and strengthen macroeconomic stability amid global uncertainties and volatile oil prices.
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