CBN authorises three banks to lead its $1bn Nigerian diaspora reserves programme

THREE commercial banks have been authorised by the Central Bank of Nigeria (CBN) to drive the planned $1bn diaspora reserves programme aimed at increasing the amount generated from the current $600m by 2026.

In the first such programme of its kind, Zenith Bank, Access Bank and Fidelity Bank have been given the go-ahead to lead this diaspora reserves target. Speaking at the ongoing 18th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria in Abuja yesterday, CBN governor Olayemi Cardoso,  vowed to do everything to make the target realised by 2026.

He added: “It is now over to the banks to make this happen. I want to commend all the banks that are driving this, including Zenith, Access, Fidelity and all of them because there are many.

“I am taking a special interest in this thing and I want that to continue because it speaks volumes and makes a huge difference in how our people in the diaspora see us.”  Mr Cardoso had announced that diaspora remittance into Nigeria surged to $600m monthly as of August 2025 and the CBN now wants to boost diaspora reserves too.