The Central Bank of Nigeria (CBN) has revealed that Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly inflow ever recorded through formal channels and approaching the $1 billion monthly target set by Bank Governor Olayemi Cardoso.
The CBN said IMTO inflows reached $3.8 billion in the first seven months of 2026, 50.2 percent higher than the figure recorded during the same period in 2025, pointing to a significant strengthening of flows through formal channels.
The increase follows a series of CBN reforms aimed at making formal remittance channels more competitive, transparent and accessible. These include a move towards a more market-determined exchange rate, reforms to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN), along with closer engagement with IMTOs, banks and Nigerian diaspora communities.
More recently, the CBN has strengthened requirements for remittance transactions to be routed through designated settlement accounts at authorized distributor banks.
According to a statement from the apex bank, the CBN explained that the importance of the development extends beyond the headline figure.
“Increasing diaspora flows through formal channels increases currency liquidity and transparency, supports households and investment, and strengthens Nigeria’s external financial position.
“When we set a clear ambition to reach $1 billion a month in remittance flows through formal channels almost two years ago, some people thought we were dreaming. With $947 million in July, we are now approaching that milestone,” Governor Cardoso said.
The statement noted that while individual monthly figures would naturally vary, the CBN’s focus was on the broader trajectory and sustaining the shift towards formal channels.
“The significant increase in inflows recorded so far in 2026 points to the growing impact of reforms designed to make formal remittance channels more competitive, accessible and transparent.”
The CBN said it was building on the momentum by deepening engagement with Nigerian diaspora communities and financial sector partners in key remittance corridors.
“As part of its broader international commitments, the Bank will continue to seize opportunities in major global financial centers to engage diaspora communities, IMTOs, banks and other stakeholders to reduce friction, expand access and bring a greater proportion of remittance flows to formal channels,” the statement added.
Cardoso said the July figure was an important milestone, but stressed that the Bank’s focus remained on achieving sustained growth in formal remittances.
“July is an important marker, but our focus is not on a single month. It is on creating the conditions for sustained growth in formal remittances. We hope to continue to see improvements and believe Nigeria can achieve and ultimately sustain monthly flows in excess of $1 billion,” he said in the statement.
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