By Opeyemi Adelakun
Nigeria recorded $947 million in diaspora remittance inflows through International Money Transfer Operators in July 2026, the Central Bank of Nigeria has said.
The apex bank described the figure as the highest monthly inflow ever recorded through formal remittance channels in the country.
The development brings Nigeria closer to the $1 billion monthly remittance target set by the CBN Governor, Olayemi Cardoso.
According to the CBN, formal remittance inflows reached $3.8 billion between January and July 2026, representing a 50.2 per cent increase compared with the corresponding period in 2025.
The bank attributed the growth to reforms aimed at making formal remittance channels more competitive, transparent and accessible to Nigerians in the diaspora.
The reforms include the adoption of a more market-determined exchange rate, changes to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number.
The CBN also said it had strengthened engagement with IMTOs, banks and Nigerian diaspora communities while requiring remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
The apex bank said the increase in formal remittance flows would have wider economic benefits, including improving foreign exchange liquidity and transparency, supporting households and investment, and strengthening Nigeria’s external financing position.
Commenting on the development, Cardoso said the latest figure showed that the country was getting closer to the $1 billion monthly target.
“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,” he said.
The CBN governor, however, stressed that the focus should be on sustaining the growth rather than celebrating a single month of strong inflows.
“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,” Cardoso said.
He expressed confidence that Nigeria could reach and eventually sustain monthly formal remittance inflows above $1 billion.
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