Nigeria’s monthly remittance inflows hit record $947bn in July
….nears $1bn target

By Onu Okorie

Nigeria is closing in on its target of attracting $1 billion in monthly remittance inflows through formal channels, following a record $947 million received through International Money Transfer Operators (IMTOs) in July 2026.
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said the July inflow represented the highest monthly remittance recorded through formal channels and brought the country within touching distance of the $1 billion monthly milestone set by the apex bank.
Data released by the CBN showed that remittance inflows through IMTOs rose to $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase from the $2.5 billion recorded in the corresponding period of 2025.
The apex bank attributed the increase to a series of reforms aimed at making formal remittance channels more competitive, transparent and accessible to Nigerians at home and abroad.
Among the measures were the transition to a more market-determined exchange rate, reforms to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The CBN also said its increased engagement with IMTOs, commercial banks and Nigerian diaspora communities had contributed to the growing volume of funds being channelled through formal remittance platforms.
More recently, the bank strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
Cardoso said the record July inflow showed that the bank’s ambition of achieving $1 billion in monthly remittances was becoming increasingly attainable.
“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,” he said.
The CBN said the significance of the increase went beyond the headline figures, noting that higher diaspora inflows through formal channels would boost foreign exchange liquidity and transparency, support households and investments, and strengthen Nigeria’s external financing position.
The bank, however, noted that monthly inflows could vary, stressing that its focus remained on sustaining the broader upward trend and encouraging a lasting shift from informal to formal remittance channels.
According to the CBN, the significant increase recorded in the first seven months of 2026 reflected the growing impact of reforms designed to improve competitiveness, accessibility and transparency in the remittance market.
The bank said it would build on the momentum by deepening engagement with Nigerian diaspora communities and financial sector partners across major remittance corridors.
As part of its broader international engagements, the CBN said it would continue to take advantage of opportunities in major global financial centres to engage diaspora communities, IMTOs, banks and other stakeholders in efforts to reduce transaction friction, widen access and bring a greater proportion of remittance flows into formal channels.
Cardoso said the central bank was focused on creating the conditions necessary for sustained growth rather than merely achieving a one-off monthly record.
“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 added.