CBN targets $1B monthly diaspora remittances after reforms
Nigeria's Central Bank Governor Olayemi Cardoso announced the country is targeting $1 billion monthly diaspora remittances, up from current $600 million average. Reforms introduced in 2024 include Non-Resident Nigerian Ordinary Account (NRNOA) for family support, Non-Resident Nigerian Investment Account (NRNIA) for investments, and remote BVN platform for account access. These measures aim to reduce transaction friction, improve transparency, and formalize inflow channels. Sustained growth could strengthen forex reserves, ease naira pressure, and improve liquidity. Industry data shows global remittance costs remain above 6%, hindering developing economies. No specific timeline provided for $1B target.