The Central Bank of Nigeria has set an ambitious target to increase its diaspora reserves to $1 billion by 2026, up from the current $600 million. Governor Olayemi Cardoso announced the plan at the 18th Annual Banking and Finance Conference, organized by the Chartered Institute of Bankers of Nigeria in Abuja. He emphasized his personal commitment to the goal and said that achieving it now rests with the banks.
Several major Nigerian banks—Zenith, Access, and Fidelity—will lead the initiative. Cardoso praised these institutions for their crucial role in boosting diaspora remittances and highlighted the importance of creating attractive, convenient channels for Nigerians living abroad to send money home. As of August 2025, monthly diaspora remittances into Nigeria had risen to $600 million, a significant inflow of foreign currency expected to strengthen the country’s economy.
The conference brought together banking stakeholders from across Nigeria and Africa, providing a platform for industry leaders to discuss the initiative’s implications. The central bank’s target is part of a broader effort to leverage remittances as a vital source of foreign exchange, aiming to improve foreign‑exchange stability and promote economic growth.
Success will depend on the participating banks’ ability to develop effective remittance channels and on continuous monitoring of progress to address any challenges. With the governor’s commitment and the involvement of key banking institutions, Nigeria is poised to make significant strides in increasing its diaspora reserves and harnessing remittances to drive economic growth.
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