The Central Bank of Nigeria (CBN) says the country recorded a total of $38 billion in remittance inflows through international money transfer operators (IMTOs) in the first seven months of 2026.
The regulator said a diaspora remittance of about $947 million was booked in July alone
In a statement on Sunday, the apex bank said the July figure was the highest monthly inflow recorded through formal channels, bringing the country closer to the $1 billion monthly target set by Olayemi Cardoso, CBN governor
“Total IMTO inflows reached $38 billion in the first seven months of 2026, representing a 50.2 percent increase from the same period in 2025,” the statement reads.
The CBN attributed the growth to reforms aimed at making formal remittance channels more competitive, transparent, and accessible
The apex bank said 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 said it also strengthened engagement with IMTOs, banks, and Nigerian diaspora communities
“More recently, the CBN strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks,” the statement further reads
“Increased diaspora inflows through formal channels could improve foreign exchange liquidity and transparency, while supporting households, investment and Nigeria’s external financing position”
The CBN said it would continue to engage Nigerian diaspora communities, IMTOs, banks, and other financial-sector stakeholders across major remittance corridors to reduce transaction frictions and encourage more remittances through formal channels
Commenting on the milestone, Cardoso said the latest figures showed Nigeria is getting closer to the $1 billion monthly remittance target
“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,” the CBN governor said
“At $947 million in July, we are now approaching that milestone”
He also said the CBN’s focus is not on a single month but on creating conditions for sustained growth in formal remittance inflows
“July is an important marker, but our focus is not on a single month It is to create the conditions for sustained growth in formal remittances,” Cardoso said.
The governor said the CBN “expects to keep seeing improvement and believes Nigeria can reach and ultimately sustain monthly inflows above $1 billion”