The Central Bank of Nigeria expects diaspora remittances to hit $1 billion a month next year, Governor Olayemi Cardoso said on Tuesday.
Speaking at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN), Mr Cardoso said remittance inflows were recovering strongly after reforms aimed at increasing transparency and building trust with Nigerians abroad.
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“By next year, our projection will be a billion dollars a month of diaspora remittances. We at the Central Bank, as far as we are concerned, have done all the things to enable that to happen,” he said.
He noted that inflows had already risen to $600 million a month from $250 million, supported by outreach efforts with commercial lenders such as Access Bank and Zenith Bank.
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Remittances are a key source of foreign exchange for Nigeria, which has faced currency shortages and sharp depreciation of the naira since the government eased controls in mid-2023.
Also speaking at the event, President Bola Tinubu directed regulators to step up oversight of digital assets such as stablecoins that are reshaping financial transactions in Africa’s largest economy.
Mr Tinubu, represented by Finance Minister Wale Edun, warned that the growing use of digital currencies outside the banking system posed regulatory challenges.
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“There is a digital revolution. So many people now are not using the banking system to make payments. They’ve turned to stablecoin. They’ve turned to digital currency.
“To this end, I have directed capital market authorities and banking authorities to get hold of this narrative and track it whilst it is still evolving,” he said.
The president said his administration was focused on shifting the economy “from resilience to reinvention,” pointing to digital tools, artificial intelligence and open banking as crucial to boosting industrialisation and job creation.
“Yes, our GDP is growing, but the percentage of industrial contribution from manufacturing is not where it should be to create the jobs we need. The innovation is there for the adoption of digital, AI, and open banking to enhance efficiency,” he said.
Nigeria has one of the world’s youngest populations and a rapidly expanding fintech sector, but regulators have struggled to keep up with the pace of innovation.
Authorities banned cryptocurrency transactions through the banking system in 2021 before softening their stance last year, as adoption of stablecoins and cross-border digital payments continued to rise.
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On fiscal reforms, the president highlighted the introduction of new tax laws designed to improve fairness and efficiency, alongside technology deployments that link government accounts with the central bank to boost revenue collection.
“That linkage with the Central Bank, the revenue optimisation team, now gives us full visibility on government finances, and that will yield dividends. It will lead to increased government revenues,” he said.
In his address, CIBN President Pius Olanrewaju, said the banking sector had remained resilient despite economic pressures, with lenders raising more than N2.5 trillion in fresh capital this year and expanding domestic credit to support businesses.
“Since 2024, 16 listed banks have raised more than N2.5 trillion in fresh capital to strengthen their balance sheets. Net domestic credit to the private sector has risen to over N82 trillion this year, supporting businesses and job creation,” he said.
He added that Nigeria’s non-oil exports rose nearly 20 per cent in the first half of 2025, reaching $3.23 billion as the country expanded into 236 products, up from 202 a year earlier.
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