Nigeria recorded US$947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly inflow ever recorded through formal channels and approaching the US$1 billion monthly target set by Central Bank of Nigeria (CBN) Governor Olayemi Cardoso.
IMTO inflows reached US$3.8 billion in the first seven months of 2026 — 50.2% higher than the same period in 2025, pointing to a significant strengthening in flows through formal channels.
The increase follows a series of reforms by the CBN aimed at making formal remittance channels more competitive, transparent and accessible. These include a move to a more market-determined exchange rate, reforms to the regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number (NRBVN), alongside closer engagement with IMTOs, banks, and Nigerian diaspora communities. More recently, the CBN has strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
The significance extends beyond the headline figure. Increasing diaspora flows through formal channels boosts foreign-exchange liquidity and transparency, supports households and investment, and strengthens Nigeria’s external financing position.
“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 said.
While individual monthly figures will naturally vary, the CBN’s focus is on the broader trajectory and on sustaining the shift towards formal channels. The significant increase in inflows recorded so far in 2026 points to the growing impact of reforms designed to make formal…
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