Nigeria Records $947m July Remittances, Nears CBN’s $1bn Target

Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly inflow ever recorded through formal channels and bringing the Central Bank of Nigeria (CBN) closer to its $1 billion monthly target.

The CBN Governor, Olayemi Cardoso, disclosed that IMTO inflows reached $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase compared with the same period in 2025.

The latest figures point to a significant rise in remittances being channelled through formal financial institutions, amid ongoing reforms by the apex bank aimed at improving the transparency, accessibility and competitiveness of Nigeria’s remittance market.

The reforms include the transition towards a more market-determined exchange rate, changes to the regulatory framework governing IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).

The CBN has also increased engagement with IMTOs, banks and Nigerian diaspora communities, while strengthening requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.

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According to the apex bank, the rise in formal remittance inflows has implications beyond the record monthly figure, as increased diaspora transfers can improve foreign-exchange liquidity and transparency while supporting household consumption, investment and Nigeria’s external financing position.

“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,” Cardoso said.

The governor said the CBN’s priority was not simply to achieve a single monthly record but to sustain the broader growth in formal remittance inflows.

The bank said the increase recorded during the first seven months of 2026 reflected the impact of measures designed to make formal remittance channels more competitive, accessible and transparent.

The CBN said it would build on the momentum through deeper engagement with Nigerian diaspora communities and financial-sector stakeholders across major remittance corridors.

As part of its international engagements, the apex bank said it would continue using opportunities in major global financial centres to engage diaspora communities, IMTOs, banks and other stakeholders in efforts to reduce transaction friction and encourage more remittances to pass through formal channels.

“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,” Cardoso added.