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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.
The Central Bank of Nigeria (CBN) disclosed this in a statement released on Sunday.
The figure brings the country $53 million short of the $1 billion monthly remittance target set by CBN Governor Olayemi Cardoso nearly two years ago.
According to the apex bank, remittance inflows through IMTOs reached $3.8 billion in the first seven months of 2026, representing a 50.2% increase compared with the same period in 2025.
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What they are saying
The CBN said the latest figures point to a significant increase in the volume of diaspora funds being channelled through formal financial institutions, while attributing the growth to reforms aimed at improving the competitiveness, transparency and accessibility of official remittance channels.
According to the bank, the reforms include the move towards a more market determined exchange rate, changes to the regulatory framework governing IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The apex bank said it has also increased its engagement with IMTOs, commercial banks and Nigerian diaspora communities as part of efforts to reduce barriers to formal remittance inflows.
- “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,” Governor Cardoso was quoted in the statement.
Get up to speed
Earlier this year, Nairametrics reported that the CBN had directed all IMTOs operating in the country to open and maintain naira settlement accounts with authorised dealer banks, in a move aimed at tightening oversight of diaspora remittances and improving transparency in the foreign exchange market.
The directive was contained in a circular dated March 24, 2026, signed by the Director of the Trade and Exchange Department, Dr Musa Nakorji, and addressed to IMTOs, authorised dealer banks, and the general public.
According to the apex bank, the measure was part of efforts to “enhance diaspora remittances, strengthen transparency, traceability, and effective monitoring of all transactions.”
Remittances strengthen forex liquidity
The CBN said the significance of the increase extends beyond the record monthly figure, noting that stronger diaspora inflows through formal channels could improve foreign exchange liquidity and transparency.
It added that increased remittances also support household consumption and investment while strengthening Nigeria’s external financing position.
The bank, however, noted that monthly remittance figures could fluctuate and said its focus was on sustaining the broader upward trend in formal remittance flows.
- “The significant increase in inflows recorded so far in 2026 points to the growing impact of reforms designed to make formal remittance channels more competitive, accessible and transparent,” the CBN said.
The bank said it would build on the momentum by deepening its engagement with Nigerian diaspora communities and financial sector partners across key remittance corridors.
It plans to use engagements in major global financial centres to interact with diaspora communities, IMTOs, banks and other stakeholders, with the aim of reducing friction and bringing a larger share of remittance flows into 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,” Cardoso said.
What you should know
The July remittance figure builds on the growth recorded in the first quarter of the year when inflows through IMTOs rose 45% to a record $1.29 billion compared with $888.47 million recorded in the same period of 2025.
According to CBN data, IMTO inflows increased across all three months of the first quarter, with January recording the highest monthly inflow of US$506.66 million.
The apex bank data showed that February inflows stood at US$402.13 million, compared with US$288.82 million in the same month of 2025, while March recorded US$377.93 million, up from US$317.60 million in March 2025.
