Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has disclosed that Nigeria is considering the issuance of a diaspora bond in the United States next year, aiming to secure monthly remittance inflows of $1 billion.
He made the disclosure in an interview during the International Monetary Fund (IMF) and World Bank meetings in Washington, D.C.
Cardoso, while pointing out the growing investment appetite among Nigerians living abroad, who have doubled their remittance contributions since the current administration initiated significant reforms last year, said the proposed diaspora bond, which would target the United States—home to the largest population of overseas Nigerians—could emerge as a crucial financial instrument for the Nigerian government.
“They are eager to invest beyond just financially,” Cardoso stated.
He added that the current competitive and depreciated value of the naira has made local assets and businesses more attractive to diaspora investors.
The Central Bank governor said the bank intends to remain vigilant in monitoring inflation and will allow economic indicators to guide interest rate decisions.
He emphasised the importance of policy consistency in attracting long-term foreign investment, acknowledging that investors are still in the process of assessing the evolving economic environment.
“Only time can show that you can stay the course,” Cardoso added.
He further underscored the need for Nigerians at home, who have borne the brunt of these changes, to understand that the country is on a promising path forward.