Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators in July 2026, the highest monthly inflow ever recorded through formal channels, the Central Bank of Nigeria has said.

The figure brings Nigeria closer to the $1 billion monthly target set by CBN Governor, Olayemi Cardoso.

According to the apex bank, remittance inflows through IMTOs reached $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 CBN attributed the growth to reforms aimed at making formal remittance channels more competitive, transparent and accessible.

The reforms include a 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.

The apex bank has also strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.

Cardoso said the July figure demonstrated the growing impact of the reforms and brought Nigeria within reach of the $1 billion monthly target.

He said increased diaspora inflows through formal channels would boost foreign exchange liquidity and transparency, support households and investment, and strengthen Nigeria’s external financing position.

The CBN governor, however, said the focus was not on a single month but on sustaining the broader growth in formal remittance inflows.

He expressed confidence that Nigeria would reach and eventually sustain monthly remittance inflows above $1 billion.

The apex bank said it would continue engaging diaspora communities, IMTOs, banks and other stakeholders to reduce transaction barriers and bring a greater share of remittance flows into formal channels.