The Central Bank of Nigeria (CBN) has announced that Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026.
CBN Governor, Olayemi Cardoso, disclosed this in a statement issued by the bank’s Corporate Communications Department on Sunday in Abuja.
Cardoso described the July figure as the highest monthly remittance inflow ever recorded through formal channels, adding that it brought the country closer to the $1 billion monthly target set by the apex bank.
He said 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.
According to him, the growth reflects the impact of reforms introduced by the CBN to make formal remittance channels more competitive, transparent and accessible.
The reforms, he said, include the transition to 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 CBN governor added that the bank had also intensified engagement with IMTOs, commercial banks and Nigerian diaspora communities to improve the flow of remittances through formal channels.
“More recently, the CBN has strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks,” he said.
Cardoso noted that the significance of the increase went beyond the headline figure, stressing that higher diaspora inflows through formal channels would improve foreign exchange liquidity and transparency, support households and investment, and strengthen Nigeria’s external financing position.
He recalled that when the CBN announced its ambition nearly two years ago to achieve $1 billion in monthly remittance inflows through formal channels, the target appeared unrealistic to some observers.
“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 dollars in July, we are now approaching that milestone,” he said.
Cardoso, however, cautioned that monthly remittance figures would naturally fluctuate, noting that the CBN’s priority was to sustain the broader upward trend and encourage more Nigerians abroad to use formal channels.
He said the strong performance recorded in 2026 demonstrated the growing impact of reforms aimed at making formal remittance services more accessible, competitive and transparent.
The governor said the CBN would build on the momentum by strengthening its engagement with diaspora communities and financial-sector stakeholders across major remittance corridors.
He added that the bank would leverage its international engagements in major global financial centres to interact with diaspora groups, IMTOs, banks and other stakeholders in a bid to reduce transaction frictions and increase the proportion of remittances entering Nigeria through formal 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.
“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above one billion dollars,” Cardoso said.
