Diaspora remittances have emerged as a major contributor to this growth, with inflows doubling within a year of policy adjustments. The CBN targeted remittances to diversify reserve sources beyond oil revenues, engaging Nigerians abroad, banks, and international partners to remove barriers to official fund transfers. By implementing a policy of free entry and exit for foreign exchange, the apex bank has made it easier for funds to flow into and out of the country. Remittances have already climbed to over $600 million in the latest reporting period, and if current trends continue, annual inflows could reach $8 billion.
Cardoso also pointed to the restoration of international functionality for naira-denominated payment cards, which has improved convenience for Nigerians traveling or making payments abroad. On bank recapitalization, he revealed that the exercise attracted between N4 trillion and N5 trillion in fresh capital, strengthening banks’ resilience and lending capacity. Lower inflation and interest rates are expected to support increased credit to businesses and small enterprises, though he urged banks to maintain prudent risk management.
He called on domestic investors to seize the moment, noting that international investors are increasingly showing interest in Nigeria. “The time to invest is now because stability has returned and opportunities are expanding,” Cardoso said. The Monetary Policy Committee, he added, remains data-driven and focused on long-term economic interests, while remaining vigilant to global risks such as the recent U.S.-Iran conflict. He stressed that difficult reforms were necessary to restore trust and secure Nigeria’s future, laying the foundation for shared prosperity.
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