Governor Olayemi Cardoso announced that Nigeria's central bank aims to attract $1 billion in monthly remittances from its citizens abroad. It was after the annual meetings of the International Monetary Fund and the World Bank in Washington.

Monthly remittances increased from $250 million in April to $600 million in September. The governor said that the bank had addressed the concerns of international remittance operators (IMTOs) and introduced new banking products to boost remittance flows. Monthly inflows were $250 million in April, but increased to $600 million in September as a result of reforms and the resolution of IMTO issues. Mr. Cardoso expressed confidence that these measures would help Nigeria reach the $1 billion per month target

noted that Nigeria and Kenya are the first and third largest recipients of diaspora remittances in sub-Saharan Africa. Ghana and Kenya saw increases estimated at 5.6% and 3.8%, respectively