Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said Nigeria will replicate the reforms that boosted diaspora remittances to diversify its foreign exchange earnings and reduce reliance on crude oil exports. Speaking at the IMF/World Bank Annual Meetings in Bangkok, he said net external reserves had at one point fallen to about $3 billion and outstanding FX obligations exceeded $7 billion, forcing the country to find new sources of FX. Monthly remittance inflows rose from about $200 million when the initiative began in 2025 to $600 million by year-end, and to approximately $950 million by July this year against a $1 billion target. Cardoso credited digital solutions and the removal of outdated practices, said the CBN would apply the same approach to commodities and oil, and noted that the Dangote Refinery could help retain more value domestically.
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