The Central Bank of Nigeria is targeting $1 billion in monthly diaspora remittances by the end of 2026, up from the current $600 million, as the country’s external reserves hit a 17-year high.
CBN Targets $1bn Monthly Diaspora Remittances by Year-End
According to Nairametrics, CBN Governor Olayemi Cardoso disclosed the target on Thursday at the BusinessDay CEO Forum Nigeria in Lagos, saying the bank’s strategy of engaging Nigerians abroad and working with commercial banks is yielding results. He noted that gross external reserves have risen 63% to nearly ₦52 billion since he assumed office in September 2023, with net reserves climbing from about $3 billion to over $40 billion. Diaspora remittances stood at $21.8 billion in 2025, slightly above the $20.93 billion recorded in 2024. Cardoso said the Monetary Policy Committee’s rate decision next week will hinge on recent economic data.
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