Nigeria’s Journey To $1bn Remittance Inflow

Nigeria is on its way towards unlocking a new era of foreign inflows as the Central Bank of Nigeria (CBN) has set an ambitious target of $1 billion in monthly diaspora remittances by 2026, a figure that could transform the country’s foreign exchange market and support economic stability.
CBN governor, Olayemi Cardoso, had disclosed that inflows from Nigerians in the diaspora have tripled in recent months, rising from $250 million earlier in the year to $600 million monthly, prompting a projection that the figure would double by next year.
Riding on the successes of the various reforms of the apex bank, Cardoso said, “By next year, our projection will be a billion dollars a month of diaspora remittances. As far as we are concerned, we have done everything to enable that to happen.”
The governor noted that the CBN is working closely with commercial banks, including Access Bank and Zenith Bank, on international outreach efforts to rebuild trust and confidence among Nigerians abroad. He attributed the steady surge in remittance flows to policy changes such as the Non-Resident Bank Verification Number (BVN) and more competitive exchange rates, which have encouraged a shift to official remittance channels.
The optimism around the $1 billion target is shared by the Nigerians in Diaspora Commission (NIDCOM). Its chairman and chief executive officer, Hon. Abike Dabiri-Erewa, described the surge in remittance flows as “humongous,” attributing the trend to increased trust in Nigeria’s financial system.
In a statement issued by NIDCOM’s spokesperson, Abdur-Rahman Balogun, Dabiri-Erewa commended the CBN under Cardoso’s leadership for policy initiatives that have encouraged the use of formal remittance channels.
She said, “The recent boost in diaspora remittances is evidence of the confidence our people abroad now have in the system. With reforms such as the Non-Resident BVN and fairer exchange rates, more Nigerians are sending money through legal platforms. We at NiDCOM will continue to promote activities like the Nigerian Diaspora Investment Summit, National Diaspora Day, and constant engagement with the diaspora to keep this momentum alive.”
Dabiri-Erewa also applauded the patriotism of Nigerians abroad, describing them as critical stakeholders in the Tinubu administration’s drive to stabilise the economy, reduce poverty, and attract private investment.
The CBN governor speaking recently at the Delta State–Brazil Business and Investment Roundtable in São Paulo, linked the surge in remittances to the liberalisation of Nigeria’s foreign exchange market. “Our exchange rate is becoming a lot more competitive. Those who previously sought other channels to send their money back home no longer have to do so,” Cardoso said.
According to him, remittance inflows had hovered around $200 million monthly before the reforms. Today, that figure has risen threefold, creating stronger buffers for the naira and improving liquidity in the forex market.
The reforms also dovetail with broader economic restructuring. Prof. Pius Deji Olanrewaju, President of CIBN and Chairman of Council, lauded the resilience of the banking sector, noting that 16 listed banks have raised more than N2.5 trillion in fresh capital since 2024. He said net domestic credit to the private sector has grown to over N82 trillion, fuelling business expansion and job creation.
Olanrewaju also welcomed Nigeria’s progress in diversifying its economy away from oil dependence. He disclosed that the country’s non-oil export basket expanded to 236 items in the first half of 2025, up from 202 in the same period of 2024, generating $3.23 billion in revenue, a 19.6 per cent increase.
Analysts note that diaspora remittances remain one of Nigeria’s most stable sources of foreign exchange, often surpassing oil earnings in some years. A steady inflow of $1 billion monthly could provide crucial support for the naira, reduce pressure on foreign reserves, and give investors confidence in Nigeria’s ability to meet its external obligations.
With official inflows now at $600 million monthly, the CBN said it is determined to maintain policy stability and create incentives for more Nigerians abroad to send money home legally. Dabiri-Erewa, for her part, pledged continued collaboration between NiDCOM and the CBN to sustain confidence-building measures. “Diaspora remittances are not just about foreign exchange. They are about jobs, investments, and the future of our young people,” she said.