The Central Bank of Nigeria (CBN) has announced that Nigeria received $3.8 billion in diaspora remittances through international money transfer operators (IMTOs) between January and July 2026.
According to the CBN, remittance inflows reached approximately $947 million in July alone, making it the highest monthly inflow recorded through formal channels.
The CBN said the $3.8 billion recorded during the first seven months represents a 50.2 percent increase compared with the same period in 2025.
The apex bank attributed the rise to reforms designed to make formal remittance channels more competitive, transparent and accessible. These measures include the adoption of a more market-driven exchange rate, regulatory changes for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The CBN also said it has increased engagement with money transfer operators, banks and Nigerians living abroad to encourage more remittances through official channels.
CBN Governor Olayemi Cardoso said the latest figures indicate that Nigeria is getting closer to the target of receiving $1 billion in formal remittance inflows every month.
Cardoso explained that when the $1 billion monthly target was introduced nearly two years ago, some people considered it unrealistic. However, with July's $947 million inflow, he said the country is now approaching that milestone.
The governor stressed that the CBN's objective is not simply to achieve a record in one month but to establish conditions that will support sustained growth in formal remittance inflows.
He added that the CBN expects remittance inflows to continue improving and believes Nigeria can eventually achieve and maintain monthly inflows of more than $1 billion.
The CBN said increased remittances through formal channels could strengthen foreign exchange liquidity, improve transparency, support households and investment, and contribute positively to Nigeria's external financing position.
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