CBN targets $1bn monthly diaspora remittances, tasks banks on seamless transfers

Central Bank of Nigeria Governor Olayemi Cardoso has challenged deposit money banks to capitalise on the apex bank’s reform environment to help drive diaspora remittances to $1 billion every month before the end of 2026, describing the target as achievable but contingent on the active participation of the banking sector.

Cardoso made the call during engagements at the 2026 Spring Meetings of the International Monetary Fund and the World Bank in Washington, where he also highlighted Nigeria’s reform progress and the renewed confidence it has generated among international investors.

He said improvements in foreign exchange policy, greater market transparency, and enhanced efficiency had already created the conditions necessary for increased remittance inflows, but that banks must do their part by making it easier and cheaper for Nigerians abroad to send money home through formal channels.

“The target is achievable, but it requires the active participation of banks in leveraging the opportunities provided by the current reforms,” Cardoso said.

He identified simplifying remittance processes, cutting transaction costs, and improving the overall customer experience for diaspora Nigerians as the critical steps that would determine whether the $1 billion monthly target is met.

The CBN governor stressed that the stakes go beyond a statistical milestone. Diaspora remittances, he noted, already rank among Nigeria’s most reliable sources of foreign exchange — consistently outpacing foreign direct investment and official development assistance — and scaling them up would directly bolster the country’s foreign reserves, support naira stability, and drive inclusive economic growth.

Cardoso also used the Washington platform to underscore the broader trajectory of Nigeria’s economic reform agenda, pointing to ongoing measures to stabilise the naira, improve liquidity in the foreign exchange market, and restore institutional credibility.

He said Nigeria’s reform story had drawn positive attention on the global stage despite a difficult international economic climate.

He added that the apex bank would deepen collaboration with international partners and financial institutions to advance financial inclusion and improve systemic efficiency, while committing to data-driven policymaking as the foundation for sustained macroeconomic stability.