Zenith, Access, and Fidelity among others are leading CBN push to hit $1 billion Diaspora Reserves.
NaijaOnPoint Nigeria reports that the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has unveiled plans to scale Nigeria’s diaspora reserves to $1 billion by 2026, up from the current $600 million.
Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, Cardoso said Nigerian banks including Zenith Bank, Access Bank, Fidelity Bank and others would be at the forefront of driving the initiative.
“It is now over to the banks to make this happen,” the CBN governor said. “I want to commend all the banks that are driving this, including Zenith, Access, Fidelity, and many others. I am taking a special interest in this because it makes a huge difference in how our people in the diaspora see us.”
Cardoso emphasized that the apex bank would ensure the ambitious target is realized within the set timeframe, stressing that diaspora remittances remain a vital source of foreign exchange inflows.
Earlier, the governor disclosed that Nigeria’s diaspora remittances had risen to $600 million monthly as of August 2025.
The CIBN conference, attended by key stakeholders in the banking and finance sector across Nigeria and Africa, provided a platform to deliberate on strategies for deepening financial inclusion and strengthening the economy.