Nigeria Records $947m Remittances In July, Nears $1bn Monthly Target

Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators in July 2026, the highest monthly inflow ever recorded through formal channels, bringing the country closer to the Central Bank of Nigeria’s $1 billion monthly target.

Daniel Momodu · August 30, 2026 · 147

The figure brought the country closer to the $1 billion monthly remittance target set by CBN Governor, Olayemi Cardoso.

The apex bank said 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 increase to reforms aimed at making 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.

The apex bank also intensified engagement with IMTOs, banks and Nigerian diaspora communities, while strengthening requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.

Cardoso said the July figure showed that Nigeria was approaching the $1 billion monthly target, describing the performance as an important milestone.

The CBN said increased diaspora remittances through formal channels could improve foreign exchange liquidity and transparency, support households and investment, and strengthen Nigeria’s external financing position.

It, however, cautioned that monthly inflows could fluctuate, stressing that the focus remained on sustaining the broader upward trend and moving more remittance transactions into formal channels.

The apex bank said it would continue engaging diaspora communities, IMTOs, banks and other stakeholders to reduce transaction barriers, widen access and attract more remittance flows into formal channels.

Cardoso said the July performance should be viewed as part of a longer-term strategy, expressing confidence that Nigeria could eventually sustain monthly formal remittance inflows above $1 billion.