Nigeria recorded $947 million in diaspora remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly inflow ever recorded through formal channels, according to the Central Bank of Nigeria (CBN).
The figure brings the country closer to the $1 billion monthly remittance target set by CBN Governor Olayemi Cardoso nearly two years ago.
The CBN said remittance inflows through IMTOs totalled $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase compared with the corresponding period in 2025.
The rise comes amid a series of reforms introduced by the apex bank to make formal remittance channels more competitive, transparent and accessible.
Among the measures are the adoption of a more market-determined exchange rate, reforms to the regulatory framework governing IMTOs, and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The CBN has also intensified engagement with IMTOs, banks and Nigerian diaspora communities, while strengthening requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
According to the bank, increased diaspora inflows through formal channels could improve foreign exchange liquidity and transparency, while supporting household incomes, investment and Nigeria’s external financing position.
Reacting to the July figure, Cardoso said the latest performance showed that the $1 billion monthly target was within reach.
“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,” Cardoso said.
The governor, however, cautioned against focusing solely on a single month, saying the CBN’s priority was to sustain the broader growth in formal remittance flows.
He said the increase recorded so far in 2026 pointed to the growing impact of reforms aimed at making formal channels more competitive, accessible and transparent.
The CBN said it would build on the momentum by deepening engagement with Nigerians in the diaspora and financial-sector partners across major remittance corridors.
The bank added that its engagements in major global financial centres would continue to focus on reducing transaction frictions, widening access and encouraging a greater share of diaspora remittances to pass through formal channels.
Cardoso said the July performance was an important milestone but maintained that the ultimate objective was sustained growth.
“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,” he said.
He added that the CBN expected further improvement and believed Nigeria could “reach and ultimately sustain monthly inflows above US$1 billion.”
