The Central Bank of Nigeria (CBN) is considering selling a special bond in the United States next year, aiming to get $1 billion each month from people sending money back home. CBN Governor Olayemi Cardoso shared this plan during the International Monetary Fund (IMF) and World Bank meetings in Washington, D.C., noting that Nigerians living abroad are increasingly interested in investing.
Since President Bola Tinubu’s government started making changes last year, the amount of money sent back to Nigeria has doubled. The proposed bond would take advantage of the large Nigerian community in the US, encouraging them to invest more than just sending money home.
Nigeria is dealing with economic issues, such as delays in getting foreign currency and high costs for fuel subsidies. Despite these challenges, the amount of money sent back home increased from $250 million to $600 million in September. Cardoso is hopeful that they can reach the $1 billion goal.
“The struggling naira gives us a chance to make our economy more diverse,” Cardoso said. “We should use this opportunity to boost production and rely less on imports.”
Cardoso also stressed the importance of consistent policies to attract long-term foreign investment, recognizing that investors are constantly evaluating the changing economic situation.
