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From Adanna Nnamani, Abuja
Nigeria’s remittance inflows through International Money Transfer Operators (IMTOs) rose to a record $947 million in July 2026, bringing the country closer to the $1 billion monthly target set by the Central Bank of Nigeria (CBN).
The July inflow represents the highest monthly remittance recorded through formal channels and pushed total IMTO inflows in the first seven months of 2026 to $3.8 billion.
The figure is 50.2 per cent higher than the amount recorded during the corresponding period in 2025, indicating a significant increase in remittances coming through formal channels.
Commenting on the development, CBN Governor, Olayemi Cardoso, said the latest figures showed that the target set nearly two years ago was now within sight.
“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 increase follows a series of reforms introduced by the apex bank to make formal remittance channels more competitive, transparent and accessible.
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 strengthened its engagement with IMTOs, banks and Nigerian diaspora communities, while recently requiring remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
According to the apex bank, the growth in formal remittance inflows goes beyond the headline figures, as increased diaspora funds boost foreign exchange liquidity and transparency, while supporting households and investment.
The CBN said the development also strengthens the country’s external financing position and reflects the growing impact of reforms targeted at formalising remittance flows.
Cardoso said the bank would continue to deepen engagement with Nigerian diaspora communities and financial sector partners across key remittance corridors.
He said the CBN would leverage engagements in major global financial centres to work with diaspora communities, IMTOs, banks and other stakeholders to reduce bottlenecks and encourage more remittance flows through formal channels.
“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 US$1 billion,” the CBN governor added.
