Nigeria’s July remittances hit record $947m — CBN

Nigeria recorded a record $947 million in remittance inflows through International Money Transfer Operators in July 2026, bringing the country closer to the Central Bank of Nigeria’s $1 billion monthly target.

The latest figure represents the highest monthly inflow recorded through formal remittance channels and pushes total IMTO inflows in the first seven months of 2026 to $3.8 billion.

According to the CBN, the January-July figure is 50.2 per cent higher than the amount recorded during the corresponding period in 2025.

CBN Governor Olayemi Cardoso attributed the growth to reforms aimed at making formal remittance channels more competitive, transparent and accessible.

The reforms include a move towards a more market-determined exchange rate, changes to the regulatory framework governing IMTOs and the introduction of the Non-Resident Bank Verification Number.

The apex bank has also strengthened engagement with money transfer operators, commercial banks and Nigerians living abroad, while requiring remittance transactions to pass through designated settlement accounts with authorised dealer banks.

Cardoso said the latest figures showed that the target previously considered ambitious was becoming increasingly achievable.

“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 governor, however, cautioned against judging the performance based on a single month, saying the CBN’s priority was to sustain the upward trend in formal remittance inflows.

He said increased remittances through regulated channels would improve foreign exchange liquidity, strengthen transparency, support household incomes and investment, and improve Nigeria’s external financing position.

Cardoso said the CBN would continue engaging diaspora communities and financial-sector operators in major remittance corridors to reduce barriers and encourage more Nigerians abroad to use formal channels.

“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.

The CBN governor expressed confidence that Nigeria could attain and eventually sustain monthly formal remittance inflows above $1 billion.