Nigeria Targeting $1bn Monthly from Remittances after ‘Game Changing BVN for Diasporans’
The Central Bank of Nigeria (CBN) has launched a bold initiative to mobilise $1 billion monthly from diaspora remittances, following the rollout of a new Non-Resident Nigerian Bank Verification Number (NRBVN) designed to simplify cross-border financial access for Nigerians living abroad. CBN Governor Yemi Cardoso, speaking during a recent media parley in Abuja, described the policy as “a game changer” that would open up the financial ecosystem to millions of diaspora Nigerians previously excluded by local banking protocols. “We have a target of $1 billion a month of getting inflows from that segment of $1 billion a month. It may seem like a tall order, but it isn’t. And I remember when we first engaged on this discussion, people laughed and thought that nothing was possible. And we went from 200-odd to about 600 million U.S. peaking at one point in time in the month. So this is the Nigerian spirit at work. There’s nothing that will stop us from getting there and even exceeding that,” Cardoso said. Cardoso explained that many non-resident Nigerians had struggled to access investment platforms, savings products, and money transfer services due to their inability to obtain a BVN—a mandatory identifier within Nigeria’s banking system. The introduction of the NRBVN removes this barrier, enabling secure participation from overseas. “The recent bold step we have taken with the NRBVN is a game-changer. It is really a game-changer. It is something that the diasporas have been waiting for. And now that they are going to be able to transact their business from overseas relatively seamlessly, the opportunity for them to invest in the country of their birth is now limitless. And I think it couldn’t be coming at a better time for them,” he said. The CBN Governor stressed that the remittance drive is market-led, with commercial banks and fintech platforms actively working to streamline onboarding and compliance, while the central bank focuses on regulation and facilitation. “Our role at the CBN is no longer to control the market, but to catalyse it.” In addition to generating foreign exchange, the reform is also expected to increase financial inclusion and reduce the share of Nigeria’s remittance inflows that currently go through informal and unregulated channels. Cardoso said that rebuilding trust in the financial system is crucial to the success of the remittance programme, and noted that CBN had taken steps by publishing long-overdue audited financial statements, tightening compliance, and working to remove Nigeria from the FATF grey list. “We are on a mission to restore confidence and build back trust.” If successful, the remittance initiative could rival or surpass oil exports in foreign exchange contribution, and serve as a stabilising force for Nigeria’s balance of payments in the years ahead.
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