Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, yesterday, urged Nigerian banks to intensify support for the apex bank’s efforts to grow Diaspora remittances to $1 billion monthly, describing the inflows as a strategic lever for foreign exchange stability and broader economic transformation.
Cardoso, who stated this during the 18th yearly Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, said Nigeria had made significant progress, with monthly Diaspora remittance inflows rising from $250 million to $600 million.
He, however, credited the improvement to collaborative international outreach missions, where Nigerian banks worked closely with the CBN to engage Diaspora communities.
He said that meeting the $1 billion target by 2026 would now depend on the commercial banks. Cardoso commended the CIBN for its consistency in convening strategic dialogue, describing the event as a key platform for aligning on reforms to stabilise the economy and build investors’ confidence.
