Nigeria recorded a record $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, according to the Central Bank of Nigeria (CBN).
The apex bank said the figure represents the highest monthly inflow recorded through formal remittance channels, bringing the country closer to the $1 billion monthly target set by CBN Governor Olayemi Cardoso.
The CBN disclosed that total inflows through IMTOs reached $3.8 billion between January and July 2026, representing a 50.2 per cent increase compared with the corresponding period in 2025.
The central bank attributed the growth to increased use of formal remittance channels following a series of regulatory and policy reforms aimed at improving transparency, accessibility and competitiveness in the market.
“These include a move 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, alongside closer engagement with IMTOs, banks and Nigerian diaspora communities,” the CBN stated.
The apex bank also disclosed that it had recently strengthened requirements mandating remittance transactions to pass through designated settlement accounts with authorised dealer banks.
According to the CBN, the increased flow of diaspora funds through official channels could improve foreign exchange liquidity and market transparency while supporting household consumption and investment.
The development, it added, could also strengthen Nigeria’s broader external financing position.
Commenting on the July milestone, Cardoso said the focus of the reforms was not simply to achieve a record monthly figure but to establish conditions that would support sustained growth in formal remittances.
“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 expressed optimism that Nigeria could reach and eventually maintain monthly remittance inflows above $1 billion.
“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above US$1 billion,” he added.
The latest figures indicate continued growth in formal remittance inflows as the CBN seeks to encourage Nigerians in the diaspora to use regulated channels for sending funds into the country.
