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The Nigerian government has said that it is currently targeting $1 billion remittance from the United States diaspora bond.
This was disclosed by the governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso on Friday, October 25.
In a recent interview with Reuters, the CBN governor said the FG is contemplating launching a diaspora bond in the US.
According to Cardoso, the aim of the diaspora bond is to achieve a monthly remittance inflow of $1 billion.
He said, “As a result, a diaspora bond in the United States, which is home to the largest concentration of Nigerians overseas, could be on the horizon in 2025.”
Noting that there is that eagerness to invest, Cardoso said the Nigerian currency is extremely competitive and cheap.
“They really want to invest… beyond just financially. Our currency has now become extremely competitive and cheap, so they see the opportunity of taking positions in assets and businesses back home,” Cardoso said.
The CBN governor further noted that he believes this is possible because remittance inflows rose to $600m in September – an increase from $250m per month earlier this year.
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