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.
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.
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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…
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