The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has challenged Nigerian banks to intensify their support for the apex bank’s efforts to grow Diaspora remittances to $1 billion monthly by 2026.
Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, Cardoso described Diaspora inflows as a strategic lever for achieving foreign exchange stability and broader economic transformation.
“We have made notable progress, with monthly remittance inflows rising from $250 million to $600 million, but we are aiming higher,” Cardoso stated.
He attributed the recent surge in remittances to collaborative international outreach missions, in which Nigerian banks partnered with the CBN to engage Diaspora communities across key regions.
According to the Governor, achieving the $1 billion monthly remittance target will now depend largely on the continued commitment of commercial banks.
“Meeting the $1 billion target by 2026 will be driven by the commercial banks. Their commitment is crucial,” he emphasized.
Cardoso also praised CIBN for its consistent role in driving reform-focused dialogue and fostering alignment among key stakeholders.
“This conference remains a vital platform to shape strategies that can stabilize our economy and restore investor confidence,” he said.
The push to enhance remittances comes amid ongoing efforts by the CBN to boost foreign exchange inflows, stabilize the naira, and drive economic recovery.
