The Central Bank of Nigeria (CBN) has urged deposit money banks to take full advantage of recent policy reforms and improved financial market conditions to help unlock up to $1 billion in monthly diaspora remittances by the end of 2026.

CBN Governor, Olayemi Cardoso, made the call during engagements at the 2026 Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C., where he outlined Nigeria’s ongoing economic reforms and growing investor confidence in the economy.

Cardoso said the apex bank’s target of achieving $1 billion in monthly remittance inflows remains on course, but stressed that commercial banks must play a more active role in ensuring Nigerians abroad can remit funds through formal channels without difficulty.

He challenged the banks to leverage the enabling environment created by the CBN by deploying efficient digital platforms, reducing bottlenecks, and making the remittance process seamless for Nigerians in the diaspora.

According to him, increased diaspora inflows would boost foreign exchange liquidity, support external reserves, and provide an important buffer for the economy.

As the IMF and World Bank meetings concluded, the CBN governor said the bank remained focused on consolidating recent gains, sustaining reforms, and strengthening institutional capacity to achieve long-term macroeconomic stability.

“Nigeria demonstrated strong leadership at the meetings, reaffirming its commitment to reforms that promote stability, growth and opportunity,” Cardoso said.

He added that despite prevailing global uncertainty, Nigeria’s reform programme continued to attract attention and support from international investors.

“Our policies are strengthening the naira, boosting reserves, and building investor confidence and capital inflows,” he stated.

Cardoso further noted that recent policy measures were beginning to yield results, citing easing inflationary pressures, improved stability in the foreign exchange market, and stronger monetary policy transmission.

“Reforms are delivering results: lower inflation, stable FX markets, and stronger monetary policy are helping to build a solid foundation for long-term growth,” he said.

On regional financial integration, the governor reiterated that Nigeria was proud to host the African Monetary Institute in Abuja, describing it as a major milestone toward deeper African monetary cooperation.

He said the institute would play a strategic role in promoting monetary coordination across the continent and advancing regional integration goals.

Cardoso also pointed to the recently concluded banking recapitalisation exercise, which he said raised ?4.65 trillion from investors. He disclosed that the capital raise attracted 72.55 per cent domestic participation and 27.45 per cent foreign participation, reflecting both local confidence and international interest in Nigeria’s banking sector.

The CBN governor expressed optimism over the country’s reserve position, maintaining that Nigeria’s foreign exchange market had become more market-driven and now possessed sufficient liquidity to function efficiently.

He also highlighted the bank’s partnership with IMF AFRITAC West II, stressing the importance of investing in human capital and building strong institutions.

“Our focus is unwavering: sustain reforms, strengthen institutions, and ensure data-driven decisions that support a stable, growing economy for all Nigerians,” Cardoso said.

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