Nigeria’s remittance inflows through formal channels have surged to a record $947 million in July 2026, bringing the country within touching distance of the $1 billion monthly target set by Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso.
The latest figure represents the highest monthly inflow ever recorded through International Money Transfer Operators (IMTOs), signalling a major boost for Nigeria’s foreign exchange liquidity and external financing position.
Data released by the CBN showed that remittance inflows through IMTOs reached $3.8 billion between January and July 2026, representing a 50.2 per cent increase compared with the same period in 2025.
The surge has been linked to reforms introduced by the apex bank to make formal remittance channels more competitive, transparent and accessible to Nigerians in the diaspora.
The reforms include the move towards 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 has also stepped up engagement with IMTOs, commercial banks and Nigerian diaspora communities in key remittance corridors.
More recently, the apex bank strengthened requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.
Reacting to the latest figures, Cardoso said the country was now close to achieving the ambitious target announced almost two years ago.
“When we set a clear ambition to reach US$1 billion a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming. At US$947 million in July, we are now approaching that milestone,” he said.
The CBN governor, however, cautioned against focusing solely on a single month’s figure, saying the priority was to sustain the upward trend in formal remittance flows.
According to him, the increase recorded so far in 2026 shows that the reforms are beginning to make formal channels more attractive to Nigerians abroad and their families at home.
Beyond the record figure, rising formal remittance inflows are expected to strengthen foreign exchange liquidity, improve transparency, support household consumption and investment, and reinforce Nigeria’s external financing position.
Cardoso said the CBN would build on the momentum by deepening engagement with diaspora communities and financial-sector stakeholders across major global remittance corridors.
He added that the apex bank would continue using international engagements in major financial centres to address challenges affecting remittance flows, widen access and reduce transaction friction.
“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 would not only hit the $1 billion monthly benchmark but eventually sustain inflows above the threshold.
“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above US$1 billion,” he added.
