Nigeria’s July remittances hit record $947m, near CBN’s $1bn target

NIGERIA’S formal remittance inflows rose to a record $947 million in July 2026, bringing the country within striking distance of the Central Bank of Nigeria’s (CBN) $1 billion monthly target.

The July figure represents the highest monthly remittance inflow ever recorded through International Money Transfer Operators (IMTOs), according to the CBN.

Cumulative inflows through IMTOs stood at about $3.8 billion in the first seven months of 2026, representing a 50.2 percent increase compared with the corresponding period in 2025.

The sharp rise signals growing use of formal channels by Nigerians in the diaspora to send money home, following reforms introduced by the CBN to improve the efficiency, transparency and competitiveness of the remittance market.

CBN Governor, Mr Olayemi Cardoso, said the latest figures showed that the bank’s earlier ambition of attracting at least $1 billion in formal remittances every month was becoming increasingly achievable.

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“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,” Cardoso said.

The CBN has implemented a number of measures aimed at strengthening formal remittance channels, including reforms to the IMTO regulatory framework, a move towards a more market-determined exchange rate and the introduction of the Non-Resident Bank Verification Number (NRBVN).

The central bank has also increased engagement with IMTOs, banks and diaspora communities while tightening requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.

The reforms are expected to improve foreign exchange liquidity and transparency while encouraging more diaspora funds to enter Nigeria through regulated channels, CBN said.

Beyond boosting FX supply, higher formal remittance inflows provide an important source of income for households and can support consumption, investment and Nigeria’s external financing position.

Cardoso said the CBN was focused not merely on achieving the $1 billion threshold in a single month but on creating conditions that would allow formal remittance inflows to remain consistently above that level.

“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.

“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above $1 billion.”

The CBN said it would continue engaging diaspora communities, financial institutions and other stakeholders across major remittance corridors to reduce transaction frictions and encourage a greater proportion of diaspora funds to flow through formal channels.