Nigeria’s July Remittances Hit Record $947m, Near CBN’s $1bn Monthly Target

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

The July inflow represents the highest monthly remittance recorded through formal channels and underscores the growing impact of reforms introduced by the apex bank to attract more diaspora funds into the formal financial system.

Cumulative remittance inflows through IMTOs stood at $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase compared with the corresponding period in 2025.

CBN Governor, Olayemi Cardoso, said the latest figures showed that the bank’s ambition to raise formal monthly remittance inflows to $1 billion was increasingly within reach.

“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 increase has followed a series of measures by the CBN aimed at making formal remittance channels more competitive, transparent and accessible.

Among the reforms are the adoption of 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 apex bank has also intensified engagement with IMTOs, commercial banks and Nigerian diaspora communities while strengthening requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.

According to the CBN, the rise in formal remittance inflows goes beyond the increase in headline figures, as stronger diaspora flows can improve foreign exchange liquidity, enhance transparency and support household consumption and investment.
The increased inflows could also strengthen Nigeria’s external financing position by providing a more reliable source of foreign exchange.

The apex bank, however, said it was not placing emphasis on individual monthly figures, noting that remittance flows could naturally fluctuate from month to month.

Cardoso said the priority was to sustain the broader upward trend and deepen the shift from informal to formal remittance 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,” he said.

He added that the CBN expects the improvement to continue, expressing confidence that Nigeria could not only reach but ultimately sustain monthly formal remittance inflows above $1 billion.
The CBN said it would continue to deepen engagement with Nigerian diaspora communities and financial-sector stakeholders across major remittance corridors.

Through engagements in key global financial centres, the bank said it would work with diaspora groups, IMTOs, banks and other stakeholders to reduce transaction frictions, expand access and encourage a greater proportion of remittance flows to pass through formal channels.