Nigeria’s formal remittance inflows rose to a record $947 million in July 2026, bringing the country closer to the Central Bank of Nigeria’s $1 billion monthly target.
The latest figure represents the highest monthly inflow recorded through International Money Transfer Operators, IMTOs, and signals stronger use of formal channels for diaspora money transfers.
The Central Bank of Nigeria, CBN, said remittance inflows through IMTOs reached $3.8 billion between January and July 2026.
The seven-month figure represents a 50.2 per cent increase compared with the corresponding period in 2025.
The CBN attributed the growth to reforms aimed at making Nigeria’s formal remittance market more competitive, transparent and accessible.
Among the measures are the transition towards a more market-determined exchange rate, reforms to the regulatory framework governing IMTOs 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 to improve the efficiency of remittance channels.
More recently, the CBN strengthened requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.
CBN Governor Olayemi Cardoso said the latest figures showed that the bank’s ambition of attracting $1 billion in monthly formal remittances was becoming increasingly achievable.
“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 governor, however, cautioned against judging the performance solely by individual monthly figures, noting that monthly inflows could fluctuate.
He said the priority was to sustain the broader upward trend and deepen the migration of remittance transactions into 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,” Cardoso said.
He added that the CBN expected further improvement and believed Nigeria could eventually sustain monthly remittance inflows above $1 billion.
The increase in Nigeria remittance inflows carries implications beyond the record monthly figure.
According to the CBN, stronger formal inflows can improve foreign-exchange liquidity and transparency while supporting households, investment and Nigeria’s broader external financing position.
The bank said its reforms were designed to reduce friction faced by people sending money to Nigeria and make formal channels more attractive to diaspora communities.
The CBN is consequently continuing its engagement with Nigerian communities abroad and financial-sector operators across major remittance corridors.
The bank said international engagements in major financial centres would provide opportunities to work with diaspora groups, IMTOs, banks and other stakeholders.
Such engagements are expected to help identify barriers to remittance transfers, expand access to formal channels and encourage more diaspora funds to enter the Nigerian financial system through regulated routes.
The latest performance therefore places Nigeria within reach of the $1 billion monthly benchmark, although the CBN’s immediate objective is not simply to achieve the target once.
Rather, the apex bank wants to establish conditions capable of supporting consistently stronger formal remittance inflows over time.
