Nigeria targeting $1bn monthly remittances from US Diaspora bond – Cardoso

Nigeria is contemplating launching a diaspora bond in the United States in a bid to achieve monthly remittance inflows of $1 billion.

Central Bank Governor, Olayemi Cardoso, disclosed this during an interview with Reuters on Thursday.

Cardoso highlighted the growing investment appetite among Nigerians living abroad, who have doubled their remittance contributions since the current administration initiated significant reforms last year.

“As a result, a diaspora bond in the United States, which is home to the largest concentration of Nigerians overseas, could be on the horizon in 2025.

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“They really want to invest… beyond just financially. Our currency has now become extremely competitive and cheap, so they see the opportunity of taking positions in assets and businesses back home,” he said.

Since taking office last year, President Bola Tinubu has faced multiple economic challenges, including a substantial backlog of foreign exchange payments and soaring fuel subsidy costs.

Remittance flows rose to $600m in September, up from $250m per month earlier this year, and the CBN chief is optimistic about reaching the ambitious goal of $1bn per month.

“I would be surprised if we are not there by this time next year,” Cardoso stated.