CBN engages diasporan Nigerians to boost remittances

The Central Bank of Nigeria has launched a series of engagements with the Nigerian diaspora to optimise remittance flows into the country.

This was according to a statement from the apex bank on Thursday.

The statement read, “In a strategic move to harness the economic potential of Nigeria’s diaspora, the Central Bank of Nigeria has 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 noted 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.

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

Olalere Ridwan, CEO of LemFi, explained that improving Nigeria’s financial risk profile could significantly lower transaction costs and make remittances more affordable for the diaspora.

The Group Managing Director/CEO of United Bank for Africa, who is also Chairman of the Body of Banks’ CEOs in Nigeria, Dr Oliver Alawuba, pushed for collaboration among banks, regulators, fintechs, and the broader ecosystem, in order to boost remittances into the country.