CBN Eyes $1 Billion Monthly Remittances as New Payment Rules Take Off
By Patience Ikpeme
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has stated that moving money across borders is still too slow and expensive, especially for developing countries.
Speaking on Thursday at the G-24 meeting in Abuja, the Governor said that these high costs and delays prevent millions of people and small businesses from taking part in global trade.
Mr. Cardoso noted that it currently costs more than 6 percent on average to send money through international channels, and it often takes several days for the money to arrive. He explained that these barriers shut out micro, small, and medium-sized enterprises (MSMEs) from international business.
“If people cannot move money easily, affordably, and safely, across towns, borders, and continents, then they cannot fully participate in modern economic life,” the Governor warned.
To solve these problems, Mr. Cardoso revealed that the CBN is finishing a new plan called “Payment System Vision 2028.” This plan is being developed with experts to encourage new ideas, make the financial system stronger, and ensure more people have access to banking services. He noted that making it easier to send money to other countries is a big part of this plan.
The Governor explained that Nigeria is already making good progress. In June 2025, the country launched the “National Payment Stack,” a new system that allows for instant payments and can handle different currencies. He also mentioned that the CBN has made it easier for Nigerians living abroad to open bank accounts and send money home through new digital platforms.
Because of these changes, the money sent home by Nigerians abroad—known as remittances—has grown to an average of $600 million every month. The Governor said he is confident that this will soon reach $1 billion a month.
“An economy cannot be more inclusive than its payment system,” Mr. Cardoso said, adding that digital innovation offers a major chance to lower costs and speed up transactions. He mentioned that using modern technology like instant payment systems can help households and small businesses that were previously left out of the formal banking system.
Also speaking at the event, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the government is working hard to grow the economy using technology. He shared that Nigeria plans to raise its tax-to-GDP ratio to 18 percent by making the tax laws simpler and using digital systems to stop illegal deductions.
Mr. Edun also said that developing countries in Africa, Asia, and Latin America must work closer together. He noted that trade between these regions can help protect them from global economic shocks and create more jobs for the 1.2 billion young people expected to enter the global workforce soon.
Dr. Iyabo Masha, the head of the G-24 Secretariat, added that many developing nations are struggling because the cost of paying back foreign debts is taking too much of their money. She warned that if this continues, there will be less money for schools, hospitals, and roads.
The leaders concluded that for Nigeria and other similar countries to succeed, they must focus on modernizing their money systems, fixing their debts, and investing in their people.
