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The Central Bank of Nigeria (CBN) has announced plans to grow the country’s diaspora reserve to one billion dollars by 2026, building on current inflows of about 600 million dollars.
Dr. Olayemi Cardoso, Governor of the CBN, disclosed this on Tuesday at the 18th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja. He explained that the apex bank had already created the framework necessary to achieve the ambitious target within the set timeline.
“It is now over to the banks to make this happen,” Cardoso said, commending deposit money banks for their active involvement in boosting remittances from Nigerians abroad. “I want to commend all the banks that are driving this, including Zenith, Access, Fidelity, all of them because they are many. I am taking a special interest in this thing and I want that to continue because it speaks volumes and makes a huge difference in how our people in the diaspora see us.”
The two-day conference, themed “The New Economic Playbook: The Intersection of Banking, Policy and Technology,” brought together key stakeholders to discuss strategies for strengthening Nigeria’s financial system amid global economic shifts.
