Nigeria records $947m remittances in July, nears $1bn monthly target

By Babajide Komolafe LAGOS — Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly inflow ever recorded through formal channels, according to the Central Bank of Nigeria (CBN). The figure brings the apex bank closer to its $1 billion monthly remittance target set by Governor Olayemi Cardoso. According to the CBN, remittance inflows through IMTOs reached $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase compared with the corresponding period in 2025.

The increase followed a series of reforms introduced by the apex bank to make formal remittance channels more competitive, transparent and accessible. The reforms include the 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). The CBN has also intensified engagement with IMTOs, banks and Nigerian diaspora communities while strengthening requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.

Commenting on the July figure, Cardoso said the development showed that the country was getting closer to achieving its formal remittance target. “When we set a clear ambition to reach $1 billion a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming. At $947 million in July, we are now approaching that milestone,” he said.

The CBN said the significance of the rising inflows extended beyond the headline figures, noting that increased diaspora remittances through formal channels could boost foreign exchange liquidity and transparency, support households and investment, and strengthen Nigeria’s external financing position. The apex bank, however, said individual monthly figures could fluctuate, stressing that its focus remained on sustaining the broader upward trend and shifting more remittance transactions into formal channels. The bank said the growth recorded so far in 2026 indicated the potential impact of reforms aimed at improving the competitiveness, accessibility and transparency of formal remittance channels.

It said the reforms would be complemented by deeper engagement with Nigerian diaspora communities and financial-sector partners across major remitta…