Nigeria Records $947m Monthly Remittance Inflow, Nears CBN’s $1bn Target

Nigeria recorded a record $947 million in monthly remittance inflows through formal International Money Transfer Operators (IMTOs) in July 2026, bringing the country close to the Central Bank of Nigeria’s $1 billion monthly target.

CBN Governor Olayemi Cardoso disclosed the figure in a statement issued by the apex bank’s Corporate Communications Department in Abuja. He said the July inflow was the highest monthly remittance figure ever recorded through formal channels.

The latest data also showed sustained growth in diaspora money transfers. Cardoso said formal IMTO inflows reached $3.8 billion between January and July 2026, representing a 50.2 per cent increase compared with the same period in 2025.

The CBN governor attributed the rise to reforms designed to make formal remittance channels more competitive, transparent and accessible. Key measures include the move towards a more market-driven exchange rate, changes to IMTO regulations and the introduction of the Non-Resident Bank Verification Number (NRBVN).

The apex bank has also increased engagement with IMTOs, commercial banks and Nigerians living abroad as part of efforts to improve the efficiency of remittance transfers. Cardoso said the CBN had further strengthened requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.

The surge in formal remittances could have wider benefits for Nigeria’s economy, particularly by improving foreign exchange liquidity and transparency. Cardoso said increased diaspora inflows could also support households, investment and the country’s external financing position.

“When we set a clear ambition to reach one billion dollars 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.

While acknowledging that monthly figures may fluctuate, the CBN governor said the focus was on maintaining the broader upward trend and moving more remittance transactions into formal channels. He added that the bank would continue working with diaspora communities, IMTOs, banks and other stakeholders across major international remittance corridors, with the aim of eventually sustaining monthly inflows above $1 billion.