Barbara Bako, Abuja.
The Central Bank of Nigeria (CBN) says diaspora remittance inflows through formal channels climbed to a record $947 million in July 2026, bringing the apex bank within reach of its $1 billion monthly remittance target.
The July figure represents the highest monthly remittance inflow ever recorded through International Money Transfer Operators (IMTOs) and reflects growing confidence in Nigeria’s formal remittance system following a series of reforms introduced by the CBN.
According to the bank, IMTO inflows rose to $3.8 billion between January and July 2026, marking a 50.2 per cent increase compared to the same period in 2025.
The CBN attributed the growth to reforms aimed at improving the competitiveness, transparency and accessibility of formal remittance channels.
The reforms include the adoption of a market determined exchange rate, changes to the regulatory framework for IMTOs, the introduction of the Non-Resident Bank Verification Number (NRBVN), and stricter settlement requirements through authorised dealer banks.
CBN Governor Olayemi Cardoso said the latest figures show the bank is making steady progress towards its long term target of attracting $1 billion in monthly diaspora remittances through formal channels.
“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 apex bank said increased remittance flows through formal channels would improve foreign exchange liquidity, strengthen Nigeria’s external financing position, support households and encourage investment.
Cardoso added that the CBN’s focus is not on a single month’s performance but on creating the conditions for sustained growth in formal remittances.
He said the bank would continue engaging Nigerian diaspora communities, banks and IMTOs across major remittance corridors to reduce transaction bottlenecks and drive monthly inflows above the $1 billion mark.
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