CBN engages Nigerians in diaspora to boost forex remittances

The Central Bank of Nigeria (CBN) has launched a series of engagements with the Nigerians in diaspora to optimise remittance flows into the country.

The CBN said in a statement on Thursday that the Central Bank of Nigeria had in its strategic move to harness the economic potential of Nigerians in diaspora, led a combined team of the Nigeria Inter-Bank Settlement System, major Nigerian banking institutions, and International Money Transfer Operators, to engage with the Nigerian Diaspora community in Houston, Texas, United States of America at a forum.”

Speaking during a forum in Houston, Texas, titled “Optimising Remittances to Nigeria: A Vision for the Future,” the Deputy Governor of the CBN (Economic Policy), -, emphasised the bank’s commitment to enhancing remittance inflows, which play a critical role in Nigeria’s financial stability.

At the forum, Abdullahi reiterated the CBN’s target to double the volume of capital inflows and diaspora remittances to Nigeria.

He noted that the apex bank is committed to “strengthening macroeconomic fundamentals to create an enabling environment where the private sector can thrive and generate quality jobs for Nigerians.”

Abdullahi also stated that the CBN’s strategy is centred around leveraging remittances to drive inclusive growth and financial inclusion, especially in an era of bold economic reforms.

Speaking further, the CBN’s Deputy Governor (Financial System Stability), Philip Ikeazor, said that diaspora remittances should be viewed not merely as a source of consumption, but as a vital tool for investment in national development.

He highlighted the need to integrate remittances into broader economic planning to ensure their long-term impact on growth.

The forum also featured input from industry stakeholders, including Nneka Onyeali-Ikpe, CEO of Fidelity Bank, who addressed the challenges diaspora Nigerians face when sending money home.

She cited high costs and limited access to financial services as major hurdles but noted that collaboration between banks and fintech companies could ease these issues.

Yemisi Edun, CEO of First City Monument Bank, emphasised the importance of building trust in the remittance system.

The participants at the forum also discussed the potential impact of reducing Nigeria’s risk status on the Financial Action Task Force grey list.

GIK/APA