Nigeria’s remittance inflows have risen to about $600 million monthly as the G-24 pushes digital cross-border payment reforms to cut costs, boost trade, and improve financial inclusion while managing monetary risks.
Nigeria’s monthly remittance inflows have reached about $600 million as policymakers, led by the Group of 24, intensify calls for digital cross-border payment reforms aimed at reducing transaction costs and improving trade efficiency across developing economies. Speaking at the G-24 Technical Group Meetings in Abuja, Central Bank Governor Olayemi Cardoso described slow and costly cross-border payments as a major development challenge, noting that global remittance fees remain above 6% and disproportionately affect Sub-Saharan Africa.
Authorities say recent reforms to remittance channels and diaspora account frameworks have supported stronger inflows, with a long-term target of reaching $1 billion monthly, while initiatives such as the Pan-African Payment and Settlement System aim to enable local-currency trade settlement. However, regulators warn that the growth of stablecoins and private digital payment platforms could pose risks to monetary stability, foreign exchange management, and policy coordination if not properly regulated. Cardoso said, “Today, cross-border payments remain too slow, too costly, and too fragmented, especially for developing economies. With global remittance corridors costing over 6.0 percent, settlement lags of several days, and compliance burdens that exclude MSMEs, millions remain disconnected from global opportunity.”
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