The Central Bank of Nigeria (CBN) has stated that the bank is currently targeting monthly diaspora remittance of $1 billion by the end of 2026.
Central Bank governor, Olayemi Cardoso, made the disclosure in Abuja on Thursday at the 2026 1st Edition of the Monetary Policy Forum.
Speaking on what CBN has done in the FX market, he noted that “The major anchor of our reform programme was the comprehensive restructuring of the foreign exchange market.
“Through decisive actions, including the clearance of over US$7.0 billion in verified FX backlogs, implementation of a rule‑based willing‑buyer willing‑seller system, strengthened reporting requirements, enhanced market surveillance, and reforms to interbank trading, the FX market regained transparency and credibility.
“These reforms have laid the groundwork for the Bank to implement a carefully sequenced transitional roadmap to inflation targeting, thereby strengthening the primacy and effectiveness of price stability mandate,” he said.
