Nigeria’s record $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026 moved closer to the monthly $1billion target set by the Central Bank of Nigeria (CBN).
The apex bank, which announced this on Sunday in Abuja, said the last remittance figure is the highest monthly inflow ever recorded through formal channels.
The CBN said IMTO inflows, which reached $3.8 billion in the first seven months of 2026, about 50.2% higher than the corresponding period in 2025, was a significant strengthening in flows through formal channels.
Attributing the increase to a series of reforms by the CBN aimed at making formal remittance channels more competitive, transparent and accessible, CBN said the reforms 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.
More recently, the CBN said it strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
The significance of the increase, the Bank pointed out, extended beyond the headline figure, adding that increasing diaspora flows through formal channels has boosted foreign-exchange liquidity and transparency, supports households and investment, and strengthens Nigeria’s external financing position.
“When we set a clear ambition to reach $1billion 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,” the CBN Governor, Olayemi Cardoso said in reaction to the latest development.
The CBN governor said while individual monthly figures would naturally vary, the apex bank’s focus would be on the broader trajectory to sustain the shift towards formal channels.
The significant increase in inflows recorded so far in 2026,he said, points to the growing impact of reforms designed to make formal remittance channels more competitive, accessible and transparent.
“The CBN is building on this momentum by deepening engagement with Nigerian diaspora communities and financial-sector partners across key remittance corridors. As part of its wider international engagements, the Bank will continue to use opportunities in major global financial centres to engage diaspora communities, IMTOs, banks and other stakeholders to reduce friction, widen access and bring a greater share of remittance flows into formal channels,” he said.
“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 $1billion,” Cardoso added.
