CBN Targets $1bn Diaspora Reserves By 2026

The Central Bank of Nigeria has unveiled plans to grow the nation’s diaspora reserves to $1bn by 2026.

CBN Governor, Olayemi Cardoso, disclosed this on Tuesday at the 18th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria in Abuja.

He said the initiative forms part of the apex bank’s broader strategy to stabilise the foreign exchange market and boost external reserves.

Cardoso noted that diaspora reserves currently stand at $600m, adding that the bank has already developed a framework and mechanisms to hit the $1bn target within two years.

“It is now over to the banks to make this happen. I want to commend all the banks that are driving this, Zenith, Access, Fidelity, and many others.

“I am taking a special interest in this, and I want that to continue because it speaks volumes and makes a huge difference in how our people in the diaspora see us,” Cardoso said.

He assured that the CBN would continue to provide an enabling environment, while urging deposit money banks to step up engagement with Nigerians abroad to channel remittances through formal platforms.

The two-day conference, themed “The New Economic Playbook: The Intersection of Banking, Policy and Technology,” brought together regulators, policymakers, and industry players to explore strategies for repositioning the financial services sector.

Stakeholders at the event stressed that diaspora remittances, if properly harnessed, could serve as a major pillar for economic recovery, especially as Nigeria continues to grapple with forex volatility, inflation, and dwindling oil revenues.