The Central Bank of Nigeria expects diaspora remittances to hit $1 billion a month subsequent yr, Governor Olayemi Cardoso stated on Tuesday.
Talking on the 18th Annual Banking and Finance Convention of the Chartered Institute of Bankers of Nigeria (CIBN), Mr Cardoso stated remittance inflows had been recovering strongly after reforms aimed toward growing transparency and constructing belief with Nigerians overseas.
“By subsequent yr, our projection might be a billion {dollars} a month of diaspora remittances. We on the Central Financial institution, so far as we’re involved, have carried out all of the issues to allow that to occur,” he stated.
He famous that inflows had already risen to $600 million a month from $250 million, supported by outreach efforts with business lenders corresponding to Entry Financial institution and Zenith Financial institution.
Remittances are a key supply of international change for Nigeria, which has confronted forex shortages and sharp depreciation of the naira because the authorities eased controls in mid-2023.
Additionally talking on the occasion, President Bola Tinubu directed regulators to step up oversight of digital property corresponding to stablecoins which can be reshaping monetary transactions in Africa’s largest financial system.
Mr Tinubu, represented by Finance Minister Wale Edun, warned that the rising use of digital currencies exterior the banking system posed regulatory challenges.
“There’s a digital revolution. So many individuals now should not utilizing the banking system to make funds. They’ve turned to stablecoin. They’ve turned to digital forex.
“To this finish, I’ve directed capital market authorities and banking authorities to pay money for this narrative and monitor it while it’s nonetheless evolving,” he stated.
The president stated his administration was centered on shifting the financial system “from resilience to reinvention,” pointing to digital instruments, synthetic intelligence and open banking as essential to boosting industrialisation and job creation.
“Sure, our GDP is rising, however the share of commercial contribution from manufacturing will not be the place it ought to be to create the roles we’d like. The innovation is there for the adoption of digital, AI, and open banking to boost effectivity,” he stated.
Nigeria has one of many world’s youngest populations and a quickly increasing fintech sector, however regulators have struggled to maintain up with the tempo of innovation.
Authorities banned cryptocurrency transactions by means of the banking system in 2021 earlier than softening their stance final yr, as adoption of stablecoins and cross-border digital funds continued to rise.
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On fiscal reforms, the president highlighted the introduction of latest tax legal guidelines designed to enhance equity and effectivity, alongside know-how deployments that hyperlink authorities accounts with the central financial institution to spice up income assortment.
“That linkage with the Central Financial institution, the income optimisation workforce, now provides us full visibility on authorities funds, and that may yield dividends. It can result in elevated authorities revenues,” he stated.
In his deal with, CIBN President Pius Olanrewaju, stated the banking sector had remained resilient regardless of financial pressures, with lenders elevating greater than N2.5 trillion in contemporary capital this yr and increasing home credit score to assist companies.
“Since 2024, 16 listed banks have raised greater than N2.5 trillion in contemporary capital to strengthen their steadiness sheets. Web home credit score to the personal sector has risen to over N82 trillion this yr, supporting companies and job creation,” he stated.
He added that Nigeria’s non-oil exports rose practically 20 per cent within the first half of 2025, reaching $3.23 billion because the nation expanded into 236 merchandise, up from 202 a yr earlier.
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