CBN Targets $1 Billion Monthly Diaspora Remittances By 2026
NIGERIA is on track to achieve a historic milestone in foreign inflows, with the Central Bank of Nigeria (CBN) projecting that diaspora remittances will hit $1 billion monthly by 2026.
CBN Governor Olayemi Cardoso made the announcement during the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) held in Abuja on Tuesday.
Cardoso said the bank had taken deliberate steps to build trust and confidence among Nigerians in the diaspora, collaborating with commercial banks such as Access Bank and Zenith Bank to improve international remittance channels.
“By next year, our projection will be a billion dollars a month of diaspora remittances. As far as we are concerned, we have done everything to enable that to happen,” Cardoso stated.
He explained that monthly remittance inflows, which stood at $250 million at the start of recent reforms, had grown to $600 million, after earlier surpassing the $500 million mark this year.
Tinubu Orders Oversight on Stablecoins, Digital Currency Use
Meanwhile, President Bola Tinubu has directed financial and capital market regulators to strengthen oversight on Nigeria’s growing use of stablecoins and digital currencies.
Represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the President cautioned that the global financial system is evolving rapidly, with more people moving away from traditional banking channels.
“There is a digital revolution. Many people now are not using the banking system to make payments. They’ve turned to stablecoins. They’ve turned to digital currency,” Tinubu said.
“I have directed capital market authorities and banking authorities to get hold of this narrative and track it whilst it is still evolving.”
Tinubu emphasised that Nigeria must transition from economic resilience to reinvention, leveraging digital tools, artificial intelligence (AI), and open banking to drive industrialisation, efficiency, and employment.
“Yes, our GDP is growing, but the percentage of industrial contribution from manufacturing is not where it should be to create the jobs we need,” he said.
Fiscal Reforms and Transparency Measures
The President also highlighted progress made under recent fiscal and tax reforms, noting that linking all government accounts with the CBN since August 1, 2025, had improved transparency and boosted revenue collection.
“That linkage with the Central Bank and the revenue optimisation team now gives us full visibility on government finances. It will yield dividends and increase government revenues,” Tinubu added.
He reiterated his administration’s commitment to financial inclusion, stressing that access to affordable services must translate into job creation, particularly for young Nigerians.
“Inclusion really means jobs — quality jobs, attractive jobs, particularly for our young men and women,” the President said.
CIBN Commends Banking Sector Resilience
In his opening remarks, CIBN President, Prof. Pius Deji Olanrewaju, commended the resilience of Nigeria’s financial sector, noting that 16 listed banks had raised over ₦2.5 trillion in fresh capital since 2024 to strengthen their balance sheets.
He said net domestic credit to the private sector had risen to more than ₦82 trillion, supporting businesses and driving job creation.
Olanrewaju also cited growth in non-oil exports, with Nigeria’s export basket expanding from 202 items in 2024 to 236 products in the first half of 2025, generating $3.23 billion — a 19.6% increase year-on-year.
He further praised the consolidation of over 100 tax-collecting agencies into the new Nigeria Revenue Service, which takes effect in January 2026 under the recently signed tax reforms.
“These new laws portend a new lease of life, with a lot of opportunities inherent in them for all and sundry,” he said.
The conference, which brought together players from the banking, finance, and technology sectors, focused on how Nigeria can harness digital innovation, policy reforms, and private capital to drive inclusive growth and long-term economic transformation.
