Nigeria’s Formal Remittances Hit Record $947m in July, Near CBN’s $1bn Monthly Target
Nigeria’s remittance inflows through International Money Transfer Operators (IMTOs) surged to a record $947 million in July 2026, bringing the country significantly closer to the Central Bank of Nigeria’s (CBN) ambition of attracting at least $1 billion in formal remittances every month.
The July figure represents the highest monthly inflow recorded through formal remittance channels and marks a significant increase in the flow of diaspora funds through the regulated financial system.
The latest development also indicates growing traction from reforms introduced by the apex bank to make formal remittance channels more attractive, transparent and accessible to Nigerians living abroad and their beneficiaries at home.
Cumulative remittance inflows through IMTOs reached $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase compared with the corresponding period in 2025.
The sharp rise places Nigeria within $53 million of the CBN’s $1 billion monthly target, a milestone Governor Olayemi Cardoso said was increasingly within reach.
“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,” Cardoso said.
The growth comes against the backdrop of a series of policy and regulatory measures implemented by the CBN to encourage Nigerians in the diaspora to use formal channels when sending money into the country.
One of the major measures has been the adoption of a more market-determined exchange-rate regime, which the apex bank has sought to complement with reforms designed to improve the efficiency of the foreign-exchange market and strengthen confidence among international money transfer operators.
The CBN has also revised the regulatory framework governing IMTO operations, while introducing the Non-Resident Bank Verification Number (NRBVN) to make it easier to integrate Nigerians living abroad into the formal banking system.
The bank has, in addition, intensified engagements with IMTOs, commercial banks and diaspora communities as part of efforts to address some of the challenges that have historically encouraged remittance transactions to pass through informal channels.
Under the reforms, remittance transactions are required to be routed through designated settlement accounts with authorised dealer banks, strengthening transparency and improving the ability of regulators and financial institutions to track inflows.
The CBN believes the implications of the rising remittance figures extend beyond the headline monthly numbers, particularly at a time when Nigeria continues to require stronger and more predictable foreign-exchange inflows.
Higher formal remittances can provide additional liquidity to the foreign-exchange market, improve transparency in the movement of diaspora funds and support household consumption and investment.
For millions of Nigerian households receiving money from relatives and friends abroad, remittances remain an important source of income, helping families meet expenses ranging from food and housing to education, healthcare and small-business activities.
At the macroeconomic level, sustained diaspora inflows could also strengthen Nigeria’s external financing position by providing a relatively dependable source of foreign exchange.
The CBN, however, cautioned against interpreting the July figure in isolation, stressing that remittance flows could fluctuate from one month to another because of seasonal and other factors.
Cardoso said the bank’s focus was therefore not simply to achieve a single month of $1 billion in inflows, but to establish conditions that would enable formal remittance flows to maintain an upward trajectory.
“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,” the governor said.
He expressed confidence that the country could eventually move beyond the $1 billion threshold and sustain monthly formal remittance inflows above that level.
The latest figures are also likely to reinforce the CBN’s push to shift remittance transactions away from informal networks and towards regulated financial institutions.
For years, a significant proportion of money sent home by Nigerians abroad has been channelled through informal mechanisms, partly because of concerns over exchange-rate differentials, transaction costs, accessibility and the convenience of alternative channels.
The apex bank’s recent strategy has consequently focused on improving the competitiveness of formal channels while strengthening regulatory oversight.
The CBN said it would continue to engage Nigerian diaspora communities and financial-sector stakeholders across major remittance corridors to consolidate the gains recorded so far.
It said engagements in major global financial centres would involve diaspora organisations, IMTOs, banks and other stakeholders, with the objective of reducing transaction frictions, expanding access and encouraging a larger proportion of remittance flows to pass through formal channels.
With July’s $947 million inflow, the CBN is now only a short distance from its $1 billion monthly ambition. The bigger challenge, however, will be sustaining the momentum and converting the recent surge into a consistent stream of formal foreign-exchange inflows capable of supporting households, businesses and the wider Nigerian economy.
