Nigeria’s Remittance Inflows Rise to $947m in July, Near CBN’s $1bn Goal
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Nigeria recorded a sharp increase in formal diaspora remittances in July 2026, with inflows processed through International Money Transfer Operators (IMTOs) reaching $947 million.
The latest figure puts the country within close reach of the Central Bank of Nigeria’s (CBN) long-term objective of attracting at least $1 billion in remittances through formal channels every month. CBN data showed that remittance inflows via IMTOs amounted to about $3.8 billion between January and July 2026. This represents a 50.2 per cent increase compared with the corresponding period in 2025.
The development points to stronger use of regulated channels by Nigerians living abroad and reflects the impact of measures introduced by the apex bank to improve the country’s remittance environment.
CBN Governor Olayemi Cardoso said the July performance demonstrated that the $1 billion monthly target, which was initially viewed by some as unrealistic, was becoming increasingly attainable.
He noted that the $947 million recorded in July represented significant progress towards the benchmark and showed the potential for Nigeria to sustain stronger remittance inflows.
The improvement has followed several changes to the regulatory and foreign exchange framework governing international remittances. The CBN has pursued a more market-driven exchange rate regime, revised rules for IMTO operations and introduced the Non-Resident Bank Verification Number (NRBVN).
The apex bank has also increased consultations with money transfer operators, commercial banks and Nigerians in the diaspora in an effort to address challenges affecting the movement of funds through official channels.
More recently, the CBN introduced stronger requirements requiring remittance transactions to pass through designated settlement accounts maintained with authorised dealer banks.
According to the bank, these measures are intended to make the formal remittance system more transparent, accessible and competitive while reducing obstacles that may encourage recipients or senders to rely on informal alternatives.
The CBN said it plans to maintain engagement with diaspora communities and financial institutions in major remittance corridors as it works to expand formal inflows.
Cardoso stressed that the July figure should not be viewed as an isolated achievement, saying the broader objective was to establish conditions that would support sustained growth.
The governor expressed confidence that Nigeria could eventually exceed the $1 billion monthly threshold and maintain inflows above that level.
With diaspora remittances playing an important role in Nigeria’s foreign exchange market and household finances, continued growth in formal inflows could strengthen the supply of foreign currency through regulated financial channels.
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