CBN Targets $1bn Monthly Diaspora Remittances by 2026
The Central Bank of Nigeria (CBN) has set an ambitious target of generating $1 billion in monthly diaspora remittances by the end of 2026, as part of ongoing efforts to boost foreign exchange inflows and strengthen the nation’s economy.
CBN Governor, Olayemi Cardoso, noted that remittance inflows have already shown significant improvement, rising steadily to about $600 million monthly. He attributed this growth to recent policy reforms designed to simplify remittance processes and encourage Nigerians in the diaspora to use formal financial channels.
According to him, the apex bank has introduced innovative financial products and strengthened collaboration with commercial banks to improve access, transparency, and trust in the remittance system. These initiatives are expected to further increase inflows and help Nigeria meet its target within the projected timeframe.
Diaspora remittances remain a vital source of foreign exchange for Nigeria, playing a key role alongside oil revenues. Increased inflows are expected to support the stability of the naira, enhance liquidity in the foreign exchange market, and boost external reserves.
The Federal Government has also emphasised the need for effective regulation of financial technologies, including digital currencies, to ensure they contribute positively to economic growth while maintaining financial stability.
The CBN reaffirmed its commitment to sustaining reforms and working closely with stakeholders to unlock the full potential of diaspora contributions to national development.
