The Governor of the Central Bank of Nigeria, CBN, Yemi Cardoso, has urged commercial banks in the country to provide enabling environment for Nigerians living abroad to remit more foreign currencies into the country. This is to ensure that the $1 billion monthly target diaspora remittance by the CBN is met by the end of the year.
The CBN governor made the call during engagements at the 2026 Spring Meetings of the International Monetary Fund, IMF, and the World Bank in Washington, United States, were he said the ongoing economic reforms in the country has boosted investors confidence in the country.
Cardoso noted that the CBN’s target of achieving $1bn in monthly remittance inflows remains strongly on track, stressing that banks must play a critical role in ensuring that Nigerians in the diaspora can seamlessly send funds home through formal financial channels without hindrance.
The CBN governor stated that improved policies and reforms in the foreign exchange market, coupled with ongoing efforts to enhance transparency and efficiency, has created a conducive environment for more diaspora remittances.
He stressed that simplifying remittance processes, reducing transaction costs, and improving customer experience for Nigerians abroad would make the goal realisable.
“The target is achievable, but it requires the active participation of banks in leveraging the opportunities provided by the current reforms,” Cardoso said.
The CBN Governor had stated last year, June 2025, that Nigeria is edging closer to a historic milestone in foreign inflows, projecting that diaspora remittances will hit $1 billion monthly by 2026.
He made the disclosure at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, the nation’s capital.
According to him, the bank has taken deliberate steps to build confidence among Nigerians abroad, including working with leading commercial banks such as Access Bank and Zenith Bank on international outreach.
“By next year, our projection will be a billion dollars a month of diaspora remittances. As far as we are concerned, we have done everything to enable that to happen,” Cardoso said, adding that monthly remittance inflows, which stood at $250 million at the start of the reforms, had risen to $600 million after surpassing the $500 million mark in 2025.
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