The Central Bank of Nigeria has set an ambitious target to increase its diaspora reserves to $1 billion by 2026, a significant rise from the current $600 million. According to Governor Olayemi Cardoso, several major Nigerian banks will drive this initiative, including Zenith, Access, and Fidelity. Cardoso announced this plan at the 18th Annual Banking and Finance Conference, organized by the Chartered Institute of Bankers of Nigeria in Abuja.
The governor emphasized his commitment to achieving this target, stating that it is now up to the banks to make it a reality. He commended the banks involved in the initiative, acknowledging their crucial role in increasing diaspora remittances. Cardoso also expressed his personal interest in the project, citing its potential to positively impact how Nigerians in the diaspora perceive their home country.
As of August 2025, diaspora remittances into Nigeria had surged to $600 million monthly, according to Cardoso. This significant influx of foreign currency is expected to contribute substantially to the country’s economy. The Chartered Institute of Bankers of Nigeria conference, which brought together banking stakeholders from across Nigeria and Africa, provided a platform for industry leaders to discuss this development and its implications.
The Central Bank of Nigeria’s target to increase diaspora reserves is part of a broader effort to leverage remittances as a vital source of foreign exchange. With the active participation of major banks, the bank aims to create a conducive environment for Nigerians living abroad to send money back home. This initiative is expected to have a positive impact on Nigeria’s economy, particularly in the areas of foreign exchange stability and economic growth.
The success of this initiative will depend on the ability of the participating banks to create attractive and convenient channels for diaspora remittances. As the Central Bank of Nigeria works towards achieving its target, it will be essential to monitor progress and address any challenges that may arise. With the governor’s personal commitment and the involvement of key banking institutions, Nigeria is poised to make significant strides in increasing its diaspora reserves and harnessing the potential of remittances to drive economic growth.
