Nigeria recorded a record $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, bringing the country closer to the Central Bank of Nigeria’s (CBN) $1 billion monthly target.
The July figure represents the highest monthly remittance inflow ever recorded through formal channels in Nigeria.
According to the apex bank, remittance inflows through IMTOs reached $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase compared with the corresponding period in 2025.
The sharp rise signals a significant strengthening of remittance flows through formal channels and reflects the impact of recent reforms introduced by the CBN.
CBN reforms drive formal remittance growth
The increase follows a series of measures by the CBN aimed at making formal remittance channels more competitive, transparent and accessible to Nigerians and members of the diaspora.
Among the reforms are the move 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 apex bank has also increased its engagement with IMTOs, commercial banks and Nigerian diaspora communities in major remittance corridors.
More recently, the CBN strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
These measures are expected to improve transparency in the remittance market while encouraging more Nigerians abroad to send money through formal channels.
$1bn monthly remittance target within reach
The latest figures have also brought the CBN’s $1 billion monthly remittance ambition closer to reality.
“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,” Governor Cardoso said.
Beyond the record monthly figure, the CBN said the broader trend remains encouraging.
While monthly remittance figures may fluctuate, the bank’s focus is on sustaining the long-term shift towards formal channels.
The 50.2 per cent increase recorded in the first seven months of 2026 indicates that reforms aimed at improving the competitiveness, accessibility and transparency of formal remittance channels are beginning to have a significant impact.
Remittances strengthen Nigeria’s forex position
The growing volume of formal remittance inflows has implications beyond the headline numbers.
Higher diaspora inflows can increase foreign-exchange liquidity, improve transparency in the financial system, support household consumption and investment, and strengthen Nigeria’s external financing position.
The CBN is seeking to build on the momentum by expanding its engagement with Nigerian diaspora communities and financial-sector stakeholders across key remittance corridors.
As part of its broader international engagements, the apex bank plans to use opportunities in major global financial centres to interact with diaspora communities, IMTOs, banks and other stakeholders.
The objective is to reduce transaction-related friction, expand access to formal remittance channels and encourage a greater proportion of diaspora inflows to pass through regulated channels.
CBN expects remittances to surpass $1bn
Governor Cardoso said the July record should be viewed as part of a broader effort to establish sustained growth rather than as an isolated achievement.
He added: “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 $1 billion.”
With $947 million recorded in July alone and $3.8 billion accumulated in the first seven months of the year, Nigeria is moving closer to the CBN’s goal of attracting at least $1 billion in formal remittances every month.
Sustaining that momentum could provide a stronger and more predictable source of foreign exchange while further integrating Nigeria’s diaspora into the formal financial system.
