The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has called on deposit money banks to fully utilise the current policy environment to unlock $1 billion in monthly diaspora remittances by the end of 2026. He made the appeal during Nigeria's engagements at the 2026 Spring Meetings of the International Monetary Fund and the World Bank in Washington. Cardoso stated that reforms in the foreign exchange market, improved transparency, and enhanced efficiency have created a conducive platform for increasing remittance inflows through formal channels. He stressed that banks must actively simplify remittance processes, reduce transaction costs, and improve customer experience for Nigerians abroad to meet the target. According to Cardoso, achieving the $1 billion monthly inflow would strengthen Nigeria's foreign exchange reserves and support macroeconomic stability and inclusive growth. He noted that remittances remain a key source of foreign exchange, often surpassing foreign direct investment and official development assistance. Cardoso reaffirmed the CBN's commitment to data-driven policies aimed at sustaining economic stability and deepening financial inclusion. He also highlighted ongoing efforts to stabilise the naira, improve liquidity, and boost investor confidence, which have gained recognition amid global economic uncertainties. Collaboration with international financial institutions will continue to support Nigeria's financial system reforms.
Olayemi Cardoso expects banks to deliver $1bn in monthly diaspora remittances by 2026, yet the same banks operate under a regulatory framework the CBN controls. If the environment is truly enabling, as claimed, the onus falls squarely on bank executives to stop lagging. Nigerians in the diaspora, already navigating high costs and complex channels, will keep losing money to informal routes if formal systems remain slow and expensive. Any failure to hit the target will reflect less on policy and more on execution by financial institutions.
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