The Central Bank of Nigeria (CBN) has set an ambitious target to grow the country’s diaspora reserve to $1 billion by 2026, Governor Olayemi Cardoso announced on Tuesday at the 18th annual banking and finance conference held in Abuja.
Currently, the diaspora reserve stands at approximately $600 million, with the CBN having put in place the necessary framework to reach its goal within the next two years.
“It is now up to the banks to make this happen,” Cardoso emphasized during the two-day event, themed ‘The New Economic Playbook: The Intersection of Banking, Policy and Technology’.
The governor praised the efforts of leading banks like Zenith, Access, and Fidelity, acknowledging their pivotal roles in driving diaspora engagement and financial inclusion.
“I’m personally invested in this initiative because it sends a powerful message about how Nigerians abroad perceive their homeland,” Cardoso added.
Data from the CBN revealed that diaspora remittances sent through international money transfer operators (IMTOs) surged to $4.22 billion between January and October 2024, marking a 61 percent increase compared to the previous year.
To further facilitate financial access for Nigerians living overseas, the CBN, in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), launched the Non-Resident Bank Verification Number (NRBVN) platform in May 2024. This initiative aims to simplify banking processes and boost diaspora participation in Nigeria’s economy.
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