Nigeria Targets $1 Billion Monthly in Diaspora Remittances as CBN Eases Transfer Barriers

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said Africa’s largest economy Nigeria will attract $1 billion in diaspora remittances in 2025.

The apex bank said the concerns raised by international money transfer operators have been addressed and also introduced other banking products that would help in “increasing the inflows to $1 billion monthly,” ThisDay stated.

The West African nation’s central bank governor spoke on Saturday at an engagement with Nigerians in the diaspora, at the end of the International Monetary Fund and the World Bank Annual Meetings in Washington.

“In the earlier stages of the reforms, IMTOs were having issues transferring money back to Nigeria, and we felt it was important to engage them,” Cardoso said, adding that resolving outstanding issues has led to monthly inflows rising from $250 in April to $600 million in September.

Despite rising economic uncertainties amid a series of reforms that are yet to crystalise and put an end to the falling local currency, rising inflation rate, low earnings, and weak consumer spending, Cardoso is optimistic of hitting the $1 billion target by next year.

“I would be surprised if we are not there by this time next year,” Cardoso stated.