Nigeria’s remittance inflows through International Money Transfer Operators (IMTOs) grew to a record $947 million in July 2026, edging the country closer to the $1 billion monthly target set by the Central Bank of Nigeria (CBN).
The July inflow is the highest monthly remittance recorded through formal channels and pushed total IMTO inflows in the first seven months of 2026 to $3.8 billion.
The figure is 50.2 percent higher than the amount recorded during the same period in 2025, showing a significant rise in remittances coming through formal channels.
Reacting to the development, CBN Governor, Olayemi Cardoso, said the latest figures showed that the target set nearly two years ago was now in sight.
“When we made a clear ambition to reach US$1 billion a month in remittance inflows through formal channels almost two years ago, some people thought we were dreaming. “We are now approaching that milestone, which was US$947 million in July,” Cardoso said.
The increase comes after a series of reforms introduced by the apex bank to make the formal remittance channels more competitive, transparent and accessible.
The reforms include the move to 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 ramped up its engagement with IMTOs, banks and Nigerian diaspora communities, and recently ordered remittance transactions to be routed through designated settlement accounts with authorized dealer banks.
The increase in formal remittance inflows is more than the headline figures, as more diaspora funds help boost foreign exchange liquidity and transparency, and support households and investment, says the apex bank.
The development, the CBN said, also strengthens the country’s external financing position and reflects the growing impact of reforms targeted at formalizing remittance flows.
Cardoso said the bank would continue to deepen its engagement with the Nigerian diaspora communities and financial sector partners across key remittance corridors.
He said the CBN would use engagements in major global financial centers to work with diaspora communities, IMTOs, banks and other stakeholders in an effort to remove bottlenecks and encourage more remittance flows through formal channels.
“July is a significant milestone, but we’re not focused on one month. It is on creating conditions for sustained growth in formal remittances.
The CBN governor added, “We expect to continue to see improvement and have confidence that Nigeria can achieve and ultimately sustain monthly inflows above US$1 billion.