The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has issued a directive to commercial banks across the country to intensify efforts to increase diaspora remittances to $1 billion monthly.
A report by the Global Financial Digest said Cardoso threw the challenge at bank executives at the 18th Annual Banking and Finance Conference.
The CBN Governor described diaspora inflows as a “strategic lever” for achieving foreign exchange stability and broader economic transformation.
According to the Global Financial Digest report, the CBN’s directive is perfectly in sync with the broader economic reform agenda of President Bola Tinubu, who, has called on stakeholders to deepen reforms and adopt digital innovation.
The president highlighted that these reforms are supported by data-driven tools and Artificial Intelligence (AI) that provide the government with unprecedented financial visibility.
In a related development, the Nigerians in Diaspora Commission (NiDCOM) and the National Agency for Science and Engineering Infrastructure (NASENI) are collaborating on a new framework to engage the Nigerian diaspora’s skills and expertise.
As part of this initiative, NASENI’s Executive Vice Chairman, Khalil Suleiman Halilu, has proposed a government-backed payment platform similar to fintech giant revolution.
The platform is designed to provide seamless, multi-currency transactions with real-time monitoring and competitive rates, aiming to streamline and increase remittance flows.
This dual-pronged strategy—a policy-driven push by the central bank combined with a government-backed technological solution—underscores Nigeria’s comprehensive approach to leveraging its diaspora’s financial and human capital to stabilise the economy and attract foreign investment.
