Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, marking the highest monthly inflow ever recorded through formal channels, according to the Central Bank of Nigeria (CBN).
The latest figure puts the country closer to the CBN’s $1 billion monthly remittance target, set under Governor Olayemi Cardoso.
The CBN said 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 rise followed several reforms introduced by the apex bank to make formal remittance channels more competitive, transparent and accessible.
Among the measures are the move towards a more market-driven exchange rate, regulatory changes affecting IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The CBN has also increased engagement with IMTOs, banks and Nigerians in the diaspora while strengthening requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.
Reacting to the July performance, Cardoso said the development showed that Nigeria was making significant progress towards its formal remittance target.
He said the country was now approaching the $1 billion monthly milestone after setting the target nearly two years ago.
The CBN noted that higher remittance inflows through formal channels could improve foreign exchange liquidity and transparency, support households and investment, and strengthen Nigeria’s external financing position.
However, the bank cautioned that monthly remittance figures could fluctuate, stressing that its priority was to maintain the overall upward trend and encourage more transactions through formal channels.
The CBN said it would continue engaging diaspora communities, IMTOs, banks and other financial-sector stakeholders, particularly in major global financial centres, to reduce transaction barriers and expand access to formal remittance services.
Cardoso said the July figures should be viewed as part of a longer-term strategy rather than as an isolated achievement.
He expressed confidence that Nigeria could eventually achieve and sustain monthly formal remittance inflows above $1 billion.
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