Nigeria’s diaspora remittances through International Money Transfer Operators (IMTOs) climbed to a record $947 million in July 2026, bringing the country closer to the Central Bank of Nigeria’s (CBN) ambitious $1 billion monthly target.
The latest figure represents a major boost for Nigeria’s foreign exchange market, with formal remittance inflows reaching $3.8 billion in the first seven months of 2026. According to CBN data, the amount is 50.2 per cent higher than the corresponding period in 2025, pointing to stronger use of formal channels by Nigerians abroad.
CBN Governor, Olayemi Cardoso, said the July performance shows that the $1 billion monthly target, which was announced nearly two years ago, is now within reach. “At $947 million in July, we are now approaching that milestone,” Cardoso said, describing the latest increase as evidence of progress in strengthening Nigeria’s formal remittance system.
The growth comes amid a series of reforms introduced by the apex bank to make remittance channels more competitive, transparent and accessible. The measures include a 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 (NRBVN), while the CBN has also increased engagement with banks, money transfer operators and Nigerians in the diaspora.
The CBN said it is now focused on sustaining the momentum rather than celebrating a single month’s performance. The bank plans to deepen engagement with diaspora communities and financial-sector players across major remittance corridors while reducing transaction barriers and encouraging more inflows into formal channels. Cardoso said Nigeria could ultimately reach and sustain monthly remittance inflows above $1 billion if the current momentum continues.
source: Leadership
