Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, according to data from the Central Bank of Nigeria (CBN).
The apex bank highlighted that the figure represents the highest monthly inflow ever recorded through formal channels, demonstrating clear progress toward the $1 billion monthly target established by CBN Governor Olayemi Cardoso.
Total IMTO inflows reached $3.8 billion during the first seven months of 2026, marking a 50.2 percent surge compared to the corresponding period in 2025 and confirming a notable shift toward official channels.
The surge follows key regulatory interventions implemented by the CBN to improve the transparency, accessibility, and competitiveness of official remittance avenues.
“These include a move to a more market-determined exchange rate, reforms to the regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number, NRBVN, alongside closer engagement with IMTOs, banks and Nigerian diaspora communities,” the CBN stated.
The central bank added that requirements were recently tightened to mandate that all remittance transactions pass through designated settlement accounts with authorized dealer banks.
Beyond the headline milestone, the apex bank noted that directing more diaspora funds through formal channels enhances foreign exchange liquidity and market transparency, supports household consumption and investment, and strengthens the nation’s broader external financing position.
Reflecting on the milestone, Cardoso remarked,
“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 expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above US$1 billion,” Cardoso added.
