CBN Governor Olayemi Cardoso announces Nigeria’s push for $1 billion monthly diaspora remittances, with current inflows averaging $600 million
CBN Targets $1B Monthly Diaspora Remittances as Inflows Surge to $600M
The Central Bank of Nigeria (CBN) is setting its sights on a major milestone: $1 billion in monthly diaspora remittances, with recent reforms already driving average inflows to around $600 million per month.
CBN Governor Olayemi Cardoso made the announcement on Thursday during the G-24 Technical Group Meetings in Abuja, highlighting how targeted changes have streamlined diaspora transfers and boosted confidence in formal channels.
“As a result of these reforms, remittance inflows now average about $600 million per month, and we are confident of reaching a $1 billion monthly milestone in the near term,” he said.
The surge stems from key 2024 initiatives designed to eliminate bottlenecks in cross-border transactions:
- The Non-Resident Nigerian Ordinary Account (NRNOA) for easier family remittances and support transfers.
- The Non-Resident Nigerian Investment Account (NRNIA) to encourage diaspora investments in local assets.
- A Non-Resident Bank Verification Number (BVN) platform allowing Nigerians abroad to open and manage accounts remotely.
These tools aim to cut friction, enhance transparency, and build greater trust in Nigeria’s financial system.
Diaspora remittances rank among Nigeria’s top foreign exchange sources—alongside oil and portfolio inflows—offering vital support for external reserves, naira stability, and FX market liquidity amid global volatility and oil price swings.
While no exact timeline was given for hitting $1 billion monthly, Cardoso expressed strong optimism that continued reforms will expand formal channels further.
He stressed the importance of improving cross-border payment systems by reducing transaction costs and speeding up settlements. Global remittance corridors still average over 6% in fees—deemed too high by multilateral bodies for remittance-dependent developing economies.
Sustained $1 billion monthly inflows would significantly bolster Nigeria’s FX earnings, providing stronger macroeconomic buffers and reducing reliance on volatile oil revenues.
The renewed push aligns with broader efforts to diversify foreign exchange sources and modernize payment infrastructure for inclusive growth. Read More
