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.
The figure brings the country closer to the $1 billion monthly remittance target set by the Central Bank of Nigeria (CBN).
According to the apex bank, IMTO inflows reached $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase over the corresponding period in 2025.
The CBN attributed the growth to reforms aimed at making formal remittance channels more competitive, transparent and accessible.
The reforms include the move towards a more market-determined exchange rate, changes to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The bank has also strengthened engagement with IMTOs, banks and Nigerians in the diaspora, while recently increasing requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
CBN Governor Olayemi Cardoso said the July figure represented significant progress towards the bank’s target.
“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 increased formal diaspora inflows would improve foreign exchange liquidity and transparency, support households and investment, and strengthen Nigeria’s external financing position.
The bank said it would build on the current momentum by deepening engagement with Nigerian diaspora communities and financial-sector stakeholders across major remittance corridors.
Cardoso stressed that the CBN’s objective was not simply to achieve a single monthly record but to sustain growth in formal remittance inflows.
“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,” he said.
© 2026, Standard Focus. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from STANDARD FOCUS.