Nigeria is considering a diaspora bond in the United States next year.
Nigeria is considering a diaspora bond in the United States next year and is targeting remittance inflows of $1 billion a month, its central bank chief told Reuters on Thursday.
President Bola Tinubu took charge of Africa’s oil-producing behemoth last year and found a multi-billion dollar backlog of foreign exchange payments, crippling fuel subsidy costs and a tightly controlled naira currency that was hindering investment. Remittances hit $600 million in September, from $250 million a month in spring this year, he said, and authorities are targeting $1 billion a month.Reserves are now above $40 billion, and Cardoso said the weak naira could help long-drawn efforts to diversify the economy away from oil.
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