Nigeria’s Central Bank has said that it is considering issuing a diaspora bond in the United States to strengthen its ties with Nigerian expatriates and increase remittance inflows to $1 billion per month.
This was according to its Governor, Olayemi Cardoso, who was speaking at the IMF/World Bank autumn meetings in Washington, DC.
Governor Cardoso highlighted the strong investment interest from Nigerians abroad, whose remittances have surged from $250 million to $600 million monthly since last year’s economic reforms.
He also noted that Nigeria’s currency depreciation has made assets and business investments in Nigeria increasingly appealing to overseas investors.
In a further demonstration of investor confidence, Nigeria’s first dollar-denominated domestic bond, launched in August, raised over $900 million—well above the initial $500 million target.
Source: News Central