Central Bank of Nigeria says the country recorded $947 million in remittance inflows through International Money Transfer Operators in July 2026.
CBN said the figure represents the highest monthly inflow ever recorded through formal channels.
According to the apex bank, the remittance inflow highlights progress towards the US$1 billion monthly target set by its Governor, Olayemi Cardoso.
IMTO inflows reached US$3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase compared with the same period in 2025 and pointing to a significant strengthening of flows through formal channels.
The data showed that the increase followed a series of reforms by the CBN aimed at making formal remittance channels more competitive, transparent and accessible.
“These include a move to a more market-determined exchange rate, reforms to the regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number, NRBVN, alongside closer engagement with IMTOs, banks and Nigerian diaspora communities.
“More recently, the CBN has strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
“The significance extends beyond the headline figure. Increasing diaspora flows through formal channels boosts foreign exchange liquidity and transparency, supports households and investment, and strengthens Nigeria’s external financing position.”
Speaking on this development, Cardoso said, “When we set a clear ambition to reach US$1 billion a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming. At US$947 million in July, we are now approaching that milestone.
“July is an important marker, but our focus is not on a single month. It is on creating the conditions for sustained growth in formal remittances. We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above US$1 billion.”
