Nigeria recorded a historic $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, bringing the Central Bank of Nigeria’s (CBN) $1 billion monthly remittance target within sight.
The July figure, the highest monthly inflow recorded through formal remittance channels, came as total IMTO inflows rose to $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase from the corresponding period in 2025.
CBN Governor, Olayemi Cardoso, said the performance reflected the growing impact of reforms aimed at making formal remittance channels more competitive, transparent and accessible.
“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 CBN said its reforms, including a more market-determined exchange rate, changes to the IMTO regulatory framework and the introduction of the Non-Resident Bank Verification Number (NRBVN), were helping to attract more diaspora funds into formal channels.
Cardoso said the bank would sustain engagement with diaspora communities, banks and IMTOs to reduce transaction barriers and drive monthly inflows above the $1 billion mark.
“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.
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