CBN targets $1bn monthly diaspora remittance — Cardoso
The Central Bank of Nigeria (CBN) has stated that the bank is currently targeting monthly diaspora remittance of $1 billion by the end of 2026. Central Bank governor, Olayemi Cardoso, made the disclosure in Abuja on Thursday at the 2026 1st Edition of the Monetary Policy Forum. Speaking on what CBN has done in the […]
The Central Bank of Nigeria (CBN) has stated that the bank is currently targeting monthly diaspora remittance of $1 billion by the end of 2026.
Central Bank governor, Olayemi Cardoso, made the disclosure in Abuja on Thursday at the 2026 1st Edition of the Monetary Policy Forum.
Speaking on what CBN has done in the FX market, he noted that “The major anchor of our reform programme was the comprehensive restructuring of the foreign exchange market.
“Through decisive actions, including the clearance of over US$7.0 billion in verified FX backlogs, implementation of a rule‑based willing‑buyer willing‑seller system, strengthened reporting requirements, enhanced market surveillance, and reforms to interbank trading, the FX market regained transparency and credibility.
“These reforms have laid the groundwork for the Bank to implement a carefully sequenced transitional roadmap to inflation targeting, thereby strengthening the primacy and effectiveness of price stability mandate,” he said.
On the results achieved, the CBN governor, said, “Furthermore, our reforms have now repositioned diaspora remittances among Nigeria’s most stable FX sources, often outperforming oil receipts during periods of market stress. Monthly inflows through formal channels have tripled since the reforms from about US$200 million to US$600 million, with a policy target of US$1.0 billion per month by end-2026, representing a structural shift, rather than a mere cyclical growth.
“In addition, improved settlement architecture and tighter prudential controls have supported FX liquidity. Collectively, these measures narrowed the parallel market premium to under 2.0 %, restored correspondent banking confidence, and improved overall market functioning.
“These reforms were strongly complemented by an improved external reserves position. Gross external reserves increased from US$38.34 billion in February 2025 to US$50.12 billion in February 2026, representing a 30.73 percent year‑on‑year increase, the highest level recorded in 13 years,” he further explained
Speaking on the results, he noted that “Improvement was reinforced by enhanced reserve‑management practices, integration of London Bullion Market Association (LBMA) ‑certified gold into the national reserves, restructuring of the external asset‑management framework, and the initiation of a second global custodian to improve risk diversification.
“Importantly, these macro‑financial gains resulted in strong external validation. In 2025, both Fitch and Moody’s upgraded Nigeria’s sovereign ratings. In October 2025, Nigeria successfully exited the FATF Grey List, a development that significantly enhanced our international standing and bolstered correspondent‑banking relations,” the CBN boss further highlighted.
Speaking, deputy governor, Economic Policy at the CBN, Mohammed Abdullahi affirmed that it was imperative that the CBN sustain the current momentum of reforms, strengthen policy coordination, and deepen the dialogue between policymakers and stakeholders.
“To achieve this, the Central Bank thought it necessary to convene this 2026 Monetary Policy Forum with the theme: “Strengthening Nigeria’s Macroeconomic Stability through Effective Monetary Policy: The Role of Critical Stakeholders.
“This theme underscores a fundamental principle, which is: “macroeconomic stability is a shared responsibility”. While the Central Bank is responsible for monetary policy, its effectiveness depends on the response and behaviour of a broad spectrum of economic actors,” he said.