Nigeria’s $947m July Remittances Put CBN’s $1bn Monthly Target Within Reach
Oru Leonard
Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly inflow ever recorded through formal channels, bringing the Central Bank of Nigeria’s (CBN) $1 billion monthly target within sight.
The July figure represents a significant increase in formal remittance inflows and reflects growing confidence in Nigeria’s formal foreign-exchange and remittance channels.
According to the CBN, remittance inflows through IMTOs reached $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase over the corresponding period in 2025.
The development has been attributed to a series of reforms implemented by the apex bank to make formal remittance channels more competitive, transparent and accessible.
The reforms include the adoption of a more market-determined exchange rate, changes to the regulatory framework for IMTOs, introduction of the Non-Resident Bank Verification Number (NRBVN), and increased engagement with IMTOs, banks and Nigerian diaspora communities.
The CBN has also strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
Commenting on the development, CBN Governor Olayemi Cardoso said the latest figures showed that the bank’s earlier ambition of achieving $1 billion in monthly formal remittance inflows was becoming increasingly realistic.
“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 CBN said the significance of the development goes beyond the headline figure, noting that increased diaspora inflows through formal channels would improve foreign-exchange liquidity and transparency, support household consumption and investment, and strengthen Nigeria’s external financing position.
The apex bank, however, cautioned that individual monthly figures could fluctuate, stressing that its focus remained on sustaining the broader upward trajectory in formal remittance flows.
The bank said the strong growth recorded in the first seven months of 2026 indicated the growing impact of reforms aimed at improving the competitiveness, accessibility and transparency of formal remittance channels.
According to the CBN, it is also deepening engagement with Nigerian diaspora communities and financial-sector stakeholders across major remittance corridors.
The bank said it would continue to leverage engagements in major global financial centres to work with diaspora communities, IMTOs, banks and other stakeholders to reduce transaction frictions, widen access and encourage more remittance flows through formal channels.
Cardoso said the July performance should be viewed as an important milestone rather than an isolated achievement.
“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,” he said.
