July inflows reach record $947m as apex bank moves closer to $1bn monthly target…
Nigeria recorded $3.8 billion in remittance inflows through International Money Transfer Operators (IMTOs) between January and July 2026, representing a 50.2 percent increase compared with the corresponding period in 2025.
The Central Bank of Nigeria (CBN), which disclosed this in a statement on Sunday, said inflows through formal channels reached about $947 million in July alone, the highest monthly figure recorded so far.
The latest increase puts Nigeria within striking distance of the $1 billion monthly remittance target set by CBN Governor Olayemi Cardoso.
According to the apex bank, the stronger inflows reflect the impact of reforms introduced to make formal remittance channels more competitive, transparent and accessible to Nigerians in the diaspora.
The reforms include the transition towards a more market-determined exchange rate, changes to the regulatory framework governing IMTO operations and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The CBN also said it had intensified engagement with IMTOs, deposit money banks and Nigerian diaspora communities in key remittance markets as part of efforts to increase the use of formal channels.
More recently, the regulator strengthened requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.
The CBN said the measures are aimed at improving the transparency and efficiency of remittance flows while reducing some of the frictions that discourage Nigerians abroad from using formal channels.
“Increased diaspora inflows through formal channels could improve foreign exchange liquidity and transparency, while supporting households, investment and Nigeria’s external financing position,” the apex bank said.
Reacting to the latest figures, Cardoso said the July performance showed that the target of attracting $1 billion in monthly remittances through formal channels was becoming increasingly achievable.
“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,” the governor said.
“At $947 million in July, we are now approaching that milestone.”
Cardoso, however, cautioned against viewing the July figure in isolation, saying the broader objective is to establish a system capable of sustaining higher remittance inflows over time.
“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,” he said.
The governor said the CBN expects the upward trend to continue as reforms deepen and more Nigerians in the diaspora move their funds through regulated channels.
The apex bank said it would continue working with diaspora groups, IMTOs, banks and other financial-sector stakeholders across major remittance corridors to reduce transaction barriers and encourage greater use of formal remittance channels.
Cardoso added that the CBN expects Nigeria to reach the $1 billion monthly threshold and eventually maintain inflows above that level.
The latest figures come as remittances remain an important source of foreign exchange for Nigeria, providing financial support to households while also contributing to the country’s external financing position.
With July’s $947 million inflow already approaching the CBN’s $1 billion benchmark, the next few months will show whether the recent surge can be sustained and whether formal remittance inflows can consistently remain above the threshold targeted by the apex bank.
