Cardoso urges banks to achieve $1bn monthly diaspora remittance goal
Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has urged commercial banks to intensify efforts toward achieving a target of $1 billion in monthly diaspora remittances by 2026, describing the inflows as a “strategic lever for foreign exchange stability and broader economic transformation.”
Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN), Cardoso highlighted significant progress, noting that remittances have risen from $250 million to $600 million per month. “When we started that journey, we were at 250 million U.S. dollars per month… And now, we are $600 million,” he said.
Cardoso emphasised that while the CBN has laid the groundwork—“We at the Central Bank… have done all the things to enable that to happen”—meeting the one-billion-dollar monthly target will now hinge on the commitment of the banking industry: “And now, it is over to the House.”
At the same event, President Bola Tinubu, through Finance Minister Wale Edun, urged stakeholders to bolster reforms and embrace digital innovation as part of a “new economic playbook.” He warned that a “digital revolution” is bypassing traditional institutions: “They’ve turned to stablecoins and digital currencies. Authorities must get hold of this narrative while it is still evolving.”