CBN Targets $1 Billion Diaspora Reserves by 2026 - Zenith, Access, Fidelity Lead Efforts

The Central Bank of Nigeria (CBN) aims to increase diaspora reserves to $1 billion by 2026, up from the current $600 million. Governor Olayemi Cardoso announced this at the 18th Annual Banking and Finance Conference in Abuja.

Leading Nigerian banks like Zenith, Access, and Fidelity are key players in achieving this target. The CBN emphasizes the importance of diaspora remittances as a vital source of foreign exchange inflow.

The goal is to deepen financial inclusion and strengthen the economy. The CIBN conference provided a platform for stakeholders to discuss strategies for achieving this ambitious target.