Nigeria recorded $947 million in diaspora remittance inflows through International Money Transfer Operators, IMTOs, in July 2026, according to the Central Bank of Nigeria, CBN.
The apex bank described the figure as the highest monthly remittance inflow ever recorded through formal channels.
The latest data brings Nigeria closer to the $1 billion monthly target set by CBN Governor, Olayemi Cardoso, as part of efforts to strengthen formal remittance flows.
According to the CBN, remittance inflows through IMTOs reached $3.8 billion in the first seven months of 2026.
The figure represents a 50.2 per cent increase compared with the corresponding period in 2025, indicating a significant rise in remittances passing through formal channels.
The apex bank attributed the growth to a series of reforms designed 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 also said it had strengthened its engagement with IMTOs, banks and Nigerian diaspora communities while requiring remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
The bank said the rise in formal diaspora inflows would improve foreign exchange liquidity and transparency, support households and investment and strengthen Nigeria’s external financing position.
Cardoso said the latest figure showed that the $1 billion monthly target was within reach.
He said, “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.”
The CBN governor, however, stressed that the focus was not solely on achieving a record monthly figure but on ensuring sustained growth in formal remittance inflows.
He added, “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.”
