The Central Bank of Nigeria (CBN) has recently implemented several key reforms that are significantly impacting the country’s economy. Among the most notable changes, monthly diaspora remittances have surged to $600 million, marking a 200% increase from previous months.
This boost in remittances is attributed to reforms such as the Non-Resident Bank Verification Number initiative and more competitive exchange rates, which have encouraged Nigerians abroad to channel funds through official banking channels.
The CBN expects these reforms to increase remittances to over $1 billion per month by 2026.
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In addition to the rise in remittances, the CBN has collaborated with the Manufacturers Association of Nigeria (MAN) to diversify the country’s foreign exchange earnings away from oil. Both parties are focused on enhancing non-oil exports and improving Nigeria’s foreign exchange reserves to ensure long-term economic stability.
This partnership is part of the CBN’s broader efforts to stabilise the naira and reduce the nation’s reliance on oil revenues.
These efforts have already shown results, as the naira has appreciated, trading at approximately ₦1,526 per US dollar. This appreciation is linked to the CBN’s market interventions, including increased foreign exchange liquidity and enhanced market efficiency. With these ongoing initiatives, the CBN aims to maintain economic stability and further strengthen the national currency.
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.
