Nigeria's diaspora remittance inflows could reach $1 billion monthly by the end of 2026, according to Olayemi Cardoso, governor of the Central Bank of Nigeria. He made the projection during a fireside chat at the BusinessDay CEO Forum 2026, moderated by Frank Aigbogun, publisher and chief executive officer of BusinessDay Media Limited.
The CBN has already achieved its goal of doubling remittance flows from earlier levels, Cardoso said. "We gave ourselves a goal that we would double the remittance inflows between the time we started and the end of the year, and we did exactly that," he told the forum.
Current remittance inflows stand at over $600 million monthly, and the CBN expects this figure to climb to about $1 billion by year-end. The target underscores the bank's push to diversify foreign exchange earnings away from oil exports and towards more stable, consistent revenue sources.
Cardoso attributed the improvement to policy reforms that eliminated barriers for Nigerians abroad and international money transfer operators. The CBN directly engaged with diaspora communities, commercial banks and other stakeholders across multiple countries to identify what discouraged people from using official channels.
"Our belief is that through sound policies, understanding where the pain points were, revamping our own policies to ensure there was free entry and free access for everybody, that is what made the difference," he said. He added: "This is a continuous process."
The governor linked stronger remittance performance to wider reforms in Nigeria's foreign exchange market. Eliminating multiple exchange rate windows and improving market liquidity have restored confidence among Nigerians overseas and international investors.
These reforms have helped grow Nigeria's external reserves to about $52 billion, Cardoso noted. Net reserves have also climbed significantly from levels recorded when the current CBN management took office.
However, the governor stressed that reserves must function as buffers against external shocks rather than tools for routine market intervention. "A reserve is meant to be a reserve.
It is not meant to be used for day-to-day management," he said.
Improved liquidity in Nigeria's foreign exchange market now allows market forces to play a greater role with minimal central bank intervention. The country's reserve position currently provides roughly 10 months of import cover, a key metric foreign investors use when assessing economic and currency stability.
Cardoso said the CBN intends to keep growing reserves organically through improved market confidence, stronger foreign capital flows and rising diaspora remittances. The bank will avoid relying on administrative controls to achieve this goal.
