…Targeting $1bn monthly diaspora remittances by December
…Fresh ₦4.65trn capital injects new life into Nigerian banks
Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, has challenged Nigerian business leaders to aggressively seize opportunities emerging from the country’s newly stabilized macroeconomic environment, declaring that the era of waiting on the sidelines is over.
Speaking during a high-profile fireside chat at the BusinessDay CEO Forum, Cardoso revealed that the apex bank’s aggressive reforms in exchange rate management, monetary policy, and financial system oversight are finally yielding robust economic dividends.
Reserves Hit $52bn Milestone
In a major boost to investor confidence, the Governor announced that Nigeria’s gross external reserves have grown organically to $52 billion, effectively securing 10 months of import cover. Furthermore, net foreign reserves have climbed to approximately $40 billion, drastically strengthening the nation’s external buffers.
Cardoso noted that the foreign exchange market has attained sufficient liquidity to operate with minimal central bank intervention. He reiterated the CBN’s ironclad commitment to hitting a target of $1 billion in monthly diaspora remittances by the end of December.
“Where we are now, we have achieved hard-earned stability,” Cardoso told the gathering of top executives. “With stability comes the potential for investment, and with investment comes growth. All our local CEOs should be part and parcel of that train that is moving.”
The apex bank chief also highlighted the success of the ongoing bank recapitalisation exercise, which has so far attracted an estimated ₦4.65 trillion in fresh capital. This massive capital injection, paired with stricter oversight, has significantly reinforced the resilience of the nation’s financial institutions.
In a nod to improving consumer and international confidence, Cardoso pointed out that the domestic payment system has strengthened to the point where Nigerians can now use their local debit cards seamlessly for offshore transactions.
Pivot to SME Lending
With inflation showing signs of moderation, the CBN chief indicated that interest rates are expected to gradually ease. Consequently, the central bank expects commercial banks to pivot toward expanding credit facilities to productive sectors—specifically small and medium-sized enterprises (SMEs)—while maintaining rigorous risk management frameworks.
Cardoso pledged that the CBN will maintain its close collaboration with financial institutions to continuously upgrade their capacity and fully align Nigeria’s banking architecture with global standards.
