Nigeria is moving closer to the Central Bank of Nigeria’s (CBN) $1 billion monthly remittance target, with diaspora inflows reaching $947 million in July 2026.
The latest figure puts the country just a few million dollars short of the ambitious target set by CBN Governor Olayemi Cardoso in 2024. The goal forms part of efforts to improve foreign exchange liquidity, strengthen financial inclusion and bring more diaspora funds into formal channels.
When the reforms began, monthly formal remittance inflows stood at about $250 million. By September, the figure had risen to $600 million following regulatory changes and efforts to resolve challenges affecting International Money Transfer Operators (IMTOs).
Cardoso said the central bank aimed to make it easier for Nigerians abroad to send money through the banking system. “The target is $1 billion per month by the end of the year.”
He added: “We are not a retail bank; we are a central bank. So, all we have tried to do is create that enabling environment, take out the bottlenecks that will ensure that the diasporans can work through the system seamlessly.”
The CBN remittance reforms included approving 14 new IMTOs and allowing eligible operators to access naira liquidity through the CBN window or authorised dealer banks. The bank also introduced measures to improve competition, transparency and settlement efficiency.
The CBN has further expanded engagement with Nigerians abroad and encouraged commercial banks to create products for diaspora customers.
A major development is the Non-Resident BVN (NRBVN), developed with the Nigeria Inter-Bank Settlement System (NIBSS). It allows Nigerians abroad to obtain a BVN remotely through digital verification.
Cardoso described the initiative as a “bridge between Nigeria and its global citizens.”
The NRBVN works alongside the Non-Resident Ordinary Account and Non-Resident Nigerian Investment Account, creating opportunities for diaspora funds to support investments in areas such as capital markets, mortgages, insurance and pensions.
Formal remittances increased by 43 per cent in 2024, rising from $3.3 billion to $4.73 billion. With July 2026 inflows at $947 million, the CBN remittance target is now within reach.
Can Nigeria sustain this momentum and turn rising diaspora inflows into long-term investment?
