Nigeria’s central bank expects monthly diaspora remittances to nearly double to about $1 billion by the end of 2026, up from roughly $600 million currently. Speaking at an event in Lagos, Central Bank Governor Olayemi Cardoso credited the anticipated surge to the bank’s strategy of diversifying its reserve base, partnering with commercial banks, and directly engaging Nigerians living abroad to address their concerns. Since Cardoso assumed control of the country’s apex bank in 2023, Nigeria’s gross foreign reserves have climbed 63% to nearly $52 billion, while net reserves have risen from roughly $3 billion to over $40 billion. Meanwhile, the governor, alongside other policymakers, will meet next week to set interest rates, a decision Cardoso said will hinge on economic data.
Bloomberg