By Imisioluwa Afunmiso
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that the apex bank is targeting monthly diaspora remittance inflows of $1 billion by the end of 2026.
He attributed this goal to ongoing reforms that have significantly improved confidence in Nigeria’s foreign exchange market.
Cardoso disclosed this on Thursday during a fireside chat at the 14th BusinessDay CEO Forum in Lagos.
During the session, he highlighted the positive impact of the CBN’s foreign exchange reforms and broader efforts to strengthen macroeconomic stability.
According to the CBN governor, diaspora remittance inflows have already doubled since the implementation of key policy adjustments.
This trajectory reflects renewed confidence among Nigerians abroad and international investors alike.
He noted that these reforms have also contributed to a steady build-up in the country’s external reserves, which currently stand at approximately $52 billion.
Cardoso described this growth as a clear indication of improved market confidence and stronger external buffers.
However, the governor stressed that the CBN would continue to manage these reserves prudently.
He emphasized that they are designed to serve as a strategic buffer against external shocks rather than as a source of funding for routine daily interventions in the foreign exchange market.
He maintained that the apex bank remains committed to policies that promote transparency, stability, and investor confidence, adding that sustaining the ongoing reforms is critical to achieving long-term economic growth.
The CBN governor reiterated that increasing diaspora remittances remains a key priority because of their potential to support foreign exchange liquidity, boost investment, and contribute significantly to Nigeria’s overall economic development.
The fireside chat was a major highlight of the 14th BusinessDay CEO Forum, themed “From Stability to Shared Prosperity”.
The event brought together policymakers, business leaders, and development finance experts to discuss strategies for translating recent macroeconomic reforms into inclusive and sustainable growth.
Cardoso also reiterated the need for policy consistency and close collaboration among key economic institutions to ensure that the gains from these ongoing reforms translate into tangible, shared prosperity for all Nigerians.