Nigeria’s formal remittance inflows rose to a record $947m in July 2026, bringing the country closer to the Central Bank of Nigeria’s target of attracting at least $1bn monthly through official channels.
The July figure, representing the highest monthly inflow recorded through International Money Transfer Operators, came as formal remittances continued to strengthen following reforms introduced by the CBN under Governor Olayemi Cardoso.
Total inflows through IMTOs reached $3.8bn between January and July 2026, marking a 50.2 per cent increase compared with the corresponding period in 2025.
Cardoso had set a target of $1bn in monthly formal remittance inflows, with the latest figure putting the bANK SCBN within about $53m of that milestone.
“When we set a clear ambition to reach US$1bn a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming. At $947m in July, we are now approaching that milestone,” Cardoso said.
The increase has been linked to reforms designed to make formal remittance channels more competitive, transparent and accessible.
The measures include the adoption of a more market-driven exchange rate, changes to the regulatory framework governing IMTOs, the introduction of the Non-Resident Bank Verification Number (NRBVN) and increased engagement with money transfer operators, banks and Nigerians living abroad.
The CBN has also tightened requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.
Beyond the record monthly figure, the rising formal inflows could improve foreign exchange liquidity and transparency while providing greater support for household consumption, investment and Nigeria’s external financing position.
The apex bank said it would continue working with diaspora communities, IMTOs, banks and other stakeholders across major remittance corridors to reduce transaction frictions and encourage more Nigerians abroad to use formal channels.
Cardoso said the CBN’s objective was not merely to achieve the $1bn monthly mark but to sustain inflows 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 US$1 billion.”
