CBN enlists Nigerian banks to spearhead $1bn diaspora reserves drive

The Central Bank of Nigeria (CBN) has designated leading commercial banks, including Zenith Bank, Access Bank and Fidelity Bank, to play a pivotal role in its plan to raise diaspora reserves to $1 billion by 2026.

CBN Governor, Olayemi Cardoso, disclosed this yesterday at the 18th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja. He said the initiative, which seeks to scale up from the present $600 million monthly inflows, would rely heavily on the capacity and commitment of the banks.

According to him, “It is now over to the banks to make this happen. I want to commend all the banks that are driving this, including Zenith, Access, Fidelity and others. I am taking a special interest in this initiative because it speaks volumes and makes a huge difference in how our people in the diaspora see us.”

Cardoso emphasised that the central bank is determined to strengthen diaspora remittances as a sustainable source of foreign exchange, describing it as critical to economic stability and investor confidence.

He further revealed that Nigeria’s diaspora remittances had surged to $600 million monthly as of August 2025, underscoring the growing relevance of Nigerians abroad in supporting domestic economic growth.

The conference brought together key banking and finance stakeholders from across Nigeria and Africa to deliberate on strategies for enhancing financial sector resilience and deepening economic reforms.