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 latest figure puts Nigeria $53 million short of the CBN’s $1 billion monthly target for formal remittance inflows, an ambition Governor Olayemi Cardoso has repeatedly set for the banking system.
According to the CBN, IMTO inflows reached $3.8 billion in the first seven months of 2026, representing a 50.2% increase from the corresponding period in 2025.
Cardoso said the July performance showed that the country was moving closer to the target set nearly two years ago.
“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,” the CBN governor said.
The increase comes amid reforms by the apex bank aimed at making formal remittance channels more competitive, transparent and accessible.
The measures include the move towards a more market-determined foreign-exchange system, changes to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The CBN has also strengthened requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks, while increasing engagement with IMTOs, banks and Nigerian diaspora communities.
The apex bank said stronger formal remittance inflows could improve foreign-exchange liquidity and transparency while supporting household consumption, investment and Nigeria’s external financing position.
However, the CBN stressed that the July record should not be viewed in isolation, saying its priority was to sustain the broader increase in formal remittance flows.
“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 added that the CBN expects Nigeria to eventually reach and sustain monthly formal remittance inflows above $1 billion.
