LAGOS — Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, marking the highest monthly inflow ever recorded through formal remittance channels.
The latest figure brings the country closer to the Central Bank of Nigeria’s (CBN) target of achieving $1 billion in monthly remittance inflows through formal channels.
CBN Governor, Olayemi Cardoso, had set the $1 billion monthly target as part of efforts to increase the volume of diaspora remittances entering the country through regulated financial institutions.
According to the apex bank, Nigeria received $3.8 billion in remittances through IMTOs between January and July 2026. The figure represents a 50.2 per cent increase compared with the amount recorded during the corresponding period in 2025.
The CBN attributed the increase to a series of reforms aimed at making formal remittance channels more competitive, transparent and accessible to Nigerians in the diaspora and their beneficiaries in the country.
Among the measures introduced by the apex bank are reforms designed to promote a more market-determined exchange rate, changes to the regulatory framework governing IMTO operations and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The central bank has also stepped up engagement with IMTOs, deposit money banks and Nigerian diaspora communities as part of efforts to improve the efficiency of the remittance system.
It has strengthened requirements for remittance transactions to be processed through designated settlement accounts with authorised dealer banks, with the aim of improving transparency and ensuring that more foreign exchange inflows are captured through the formal financial system.
Reacting to the July performance, Cardoso said the latest figure demonstrated that Nigeria was getting closer to achieving the $1 billion monthly remittance target.
He said the target, which was announced nearly two years ago, was initially viewed by some as overly ambitious.
“When we set a clear ambition to reach $1 billion a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming. At $947 million in July, we are now approaching that milestone,” Cardoso said.
The CBN said the significance of the increase went beyond the size of the inflows, noting that stronger remittance receipts through formal channels could improve foreign exchange liquidity and transparency in the economy.
The apex bank added that higher formal remittance inflows could provide greater support for households receiving funds from relatives abroad, encourage investment and strengthen Nigeria’s external financing position.
It said the reforms would be supported by continued engagement with Nigerian diaspora communities and financial-sector stakeholders operating along major remittance corridors.
According to the CBN, it plans to use international engagements in major global financial centres to deepen discussions with Nigerians in the diaspora, IMTOs, banks and other stakeholders on ways to reduce transaction difficulties, expand access to formal remittance services and encourage more Nigerians abroad to use regulated channels.
Cardoso said the July inflow should not be treated as an isolated achievement, stressing that the government’s objective was to establish conditions that would support sustained growth in formal remittances.
“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,” he said.
The CBN governor expressed optimism that the upward trend would continue, adding that Nigeria could reach and eventually sustain monthly remittance inflows above the $1 billion mark.
“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above $1 billion,” Cardoso said.
