LunagisthubNigeria Aims High: CBN Targets $1 Billion Monthly Remittances
Nigeria’s Central Bank Governor, Olayemi Cardoso, has announced plans to boost monthly diaspora remittance inflows to $1 billion, up from the current $600 million. The CBN has introduced reforms, including the Non-Resident Nigerian Ordinary Account (NRNOA) and Non-Resident Nigerian Investment Account (NRNIA), to facilitate remittances and encourage diaspora investments.
The reforms aim to reduce friction in cross-border transfers, improve transparency, and deepen confidence in Nigeria’s formal financial system. The CBN has also launched a Non-Resident Bank Verification Number (BVN) platform, enabling Nigerians abroad to open and operate local accounts remotely.
Remittances are a significant source of foreign exchange for Nigeria, alongside oil receipts and portfolio inflows. Sustained growth in diaspora transfers could strengthen external reserves, ease pressure on the naira, and improve liquidity in the foreign exchange market.
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