According to The Nation Newspaper, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has introduced a new “Payment System Vision 2028” aimed at revolutionizing cross-border transactions for Small and Medium Enterprises (SMEs). The initiative is designed to integrate advanced financial technology to reduce the high fees currently associated with international remittances.
Cardoso highlighted that by simplifying these channels, the apex bank expects monthly remittance inflows to surge from the current $600 million to over $1 billion by the end of the fiscal year.
This strategic move has gained significant traction across the financial sector. Nairametrics reported that the framework includes the introduction of Non-Resident Nigerian Investment Accounts, quoting Governor Cardoso as stating, “Our goal is to eliminate the bottlenecks that have historically hindered the flow of diaspora capital into the domestic economy.”
Additionally, Leadership News emphasized the technological aspect of the reform, noting that “Automation and the National Single Window will be the twin pillars of this new financial era,” as the bank seeks to deepen financial inclusion for the underbanked.
Echotitbits take:
Reducing the cost of remittances is a masterstroke for stabilizing the Naira without depleting foreign reserves. By formalizing these channels, the CBN is effectively competing with the “gray market,” which should lead to better liquidity in the official window. The success of this vision depends heavily on the robustness of the cybersecurity measures integrated into the new 2028 framework.
Source: The Nation Newspaper – https://thenationonlineng.net/cbn-to-make-international-money-transfers-cheaper-for-small-businesses/, February 24, 2026
Photo credit: The Nation Newspaper
