The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said Nigeria is targeting $1 billion in monthly diaspora remittance inflows, following recent reforms that have lifted average inflows to about $600 million per month.
He disclosed this on Thursday while speaking at the G-24 Technical Group Meetings in Abuja.
“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.
Reform-driven inflows
The CBN governor attributed the rise in remittances to regulatory and structural adjustments introduced in 2024 to remove bottlenecks in diaspora transactions and formalise inflow channels.
Among the measures introduced are the Non-Resident Nigerian Ordinary Account (NRNOA), designed to facilitate remittances and family support transfers, and the Non-Resident Nigerian Investment Account (NRNIA), aimed at encouraging diaspora investments in Nigeria.
The apex bank also introduced a Non-Resident Bank Verification Number (BVN) platform to enable Nigerians abroad to open and operate local accounts remotely.
According to Mr Cardoso, these instruments are intended to reduce friction in cross-border transfers, improve transparency and deepen confidence in Nigeria’s formal financial system.
FX stability and external buffers
Remittances represent one of Nigeria’s largest sources of foreign exchange, alongside oil receipts and portfolio inflows. Analysts say sustained growth in diaspora transfers could help strengthen external reserves, ease pressure on the naira and improve liquidity in the foreign exchange market.
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Mr Cardoso did not provide a specific timeline for achieving the $1 billion target but expressed confidence that ongoing reforms would continue to expand formal inflow channels.
The renewed focus on remittances comes as policymakers seek to diversify foreign exchange sources amid global volatility and fluctuating oil prices.
The CBN governor noted that improving cross-border payment systems remains central to achieving higher remittance volumes, particularly by lowering transaction costs and shortening settlement timelines.
Industry data show that remittance costs across global corridors remain above six per cent on average, a level multilateral institutions have described as too high for developing economies reliant on diaspora support.
If sustained, a $1 billion monthly inflow would represent a significant increase in Nigeria’s foreign exchange earnings and could provide additional macroeconomic buffers.
