Nigeria’s July remittances in Nigeria surged to a record $947 million, bringing the country closer to the Central Bank of Nigeria’s (CBN) ambitious $1 billion monthly target for formal diaspora inflows. The CBN Governor, Olayemi Cardoso, disclosed the figure in a statement issued by the bank’s Corporate Communications Department in Abuja, describing July’s performance as the highest monthly inflow ever recorded through International Money Transfer Operators (IMTOs).
The latest figure also highlights a broader recovery in formal remittance flows. According to Cardoso, Nigeria received $3.8 billion through IMTOs in the first seven months of 2026, representing a 50.2 per cent increase compared with the same period in 2025. The CBN said the growth points to a significant shift towards formal channels for Nigerians abroad sending money home.
Cardoso attributed the increase to a series of reforms introduced by the apex bank to make formal remittance channels more competitive, transparent and accessible. The measures include a move towards a more market-determined exchange rate, regulatory reforms for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN). The CBN has also increased engagement with IMTOs, banks and Nigerian diaspora communities to improve the remittance process.
Beyond the $947 million headline figure, the CBN said stronger formal remittance inflows could help improve foreign exchange liquidity and transparency while supporting households, investment and Nigeria’s external financing position. Cardoso noted that the bank had also strengthened requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks, as part of efforts to bring more diaspora funds into the formal financial system.
Cardoso said the July result showed that the $1 billion monthly target, once considered ambitious, was now within reach. He stressed, however, that the CBN’s focus was not simply on one record month but on sustaining the upward trend in formal remittances. With $947 million recorded in July, the apex bank says it expects Nigeria to reach—and eventually sustain—monthly remittance inflows above $1 billion.
source: punch
