CBN targets $1bn diaspora reserves by 2026

By Mariam Abeeb

The Central Bank of Nigeria (CBN) says it is targeting a diaspora reserve of $1 billion by 2026.
Olayemi Cardoso, governor of CBN, spoke at the 18th annual banking and finance conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.
The two-day conference is themed ‘The New Economic Playbook: The Intersection of Banking, Policy and Technology’.
Cardoso said the diaspora reserve currently stood at $600 million.
He said the CBN has prepared the framework and done everything required to enable them meet the target by 2026.
“It is now over to the banks to make this happen,” Cardoso said.
”I want to commend all the banks that are driving this including Zenith, Access, Fidelity, all of them because they are many.
”I am taking a special interest in this thing and I want that to continue because it speaks volume and makes a huge difference on how our people in the diaspora see us.”
In December 2024, CBN said diaspora remittances through international money transfer operators (IMTOs) reached $4.22 billion between January and October 2024 – up by 61 percent compared to the previous year.
On May 13, the apex bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), launched the non-resident bank verification number (NRBVN) platform to ease access to financial services for Nigerians in the diaspora.