Reporting by **ThisDay** indicates that the Central Bank of Nigeria (CBN) has challenged commercial banks to double their efforts to achieve a $1 billion monthly remittance target by the end of 2026. Governor Olayemi Cardoso, speaking at the IMF-World Bank Spring Meetings, emphasized that streamlining official channels is crucial to stabilizing the Naira and boosting national foreign reserves.
The apex bank is focusing on reducing the cost of transactions and operational delays that currently drive many diaspora Nigerians toward informal transfer methods. By formalizing these massive inflows, the government hopes to create a more resilient buffer against external economic shocks and improve the overall liquidity of the foreign exchange market.
The **Daily Post** confirmed that “Cardoso is pushing for a $1 billion monthly diaspora remittance target,” while **Vanguard** noted that the policy aims at “strengthening the Naira through consistent foreign inflows.”
**Echotitbits take:** This is an ambitious move to tap into the “diaspora goldmine.” If banks can actually lower transfer fees to compete with black-market rates, the resulting $12 billion annual inflow could provide the permanent stability the Naira has lacked for years.
Source: ThisDayLive – https://www.thisdaylive.com/2024/10/27/cardoso-cbn-confident-of-attracting-12bn-diaspora-inflows-in-365-days/, April 23, 2026
Photo credit: ThisDayLive
