Nigeria closes in on $1 billion monthly remittance target after record July inflows

• Nigeria recorded a record $947 million in remittance inflows through International Money Transfer Operators in July 2026.
• The figure leaves the country just $53 million short of the CBN’s $1 billion monthly remittance target.
• IMTO inflows reached $3.8 billion between January and July, up 50.2% from the corresponding period of 2025.
• CBN Governor Olayemi Cardoso says the focus is now on sustaining higher formal remittance inflows rather than celebrating a single-month record.

August 30, () — Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly amount channelled through formal platforms, according to the Central Bank of Nigeria (CBN).

The July figure puts the country within $53 million of the $1 billion monthly remittance target set by CBN Governor Olayemi Cardoso nearly two years ago.

Remittances through IMTOs reached $3.8 billion between January and July 2026, representing a 50.2% increase compared with the corresponding period of 2025, according to figures released by the apex bank.

The increase comes as the CBN implements measures intended to attract more diaspora funds into formal financial channels and improve foreign-exchange liquidity.

The measures include changes to regulations governing IMTOs, the introduction of the Non-Resident Bank Verification Number (NRBVN), and requirements for remittance transactions to pass through designated settlement accounts maintained with authorised dealer banks.

The CBN has also moved towards a more market-determined foreign-exchange system and increased engagement with banks, money-transfer operators and Nigerians living abroad.

“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,” Cardoso said.

“At US$947 million in July, we are now approaching that milestone.”

CBN reforms target more diaspora dollars

Diaspora remittances are an important source of foreign exchange for Nigeria and provide financial support to millions of households.

Higher inflows through regulated channels could also increase the supply of foreign currency within the financial system and improve the authorities’ visibility over cross-border transactions.

However, monthly remittance figures can fluctuate, meaning the July record does not necessarily indicate that inflows will remain at similar levels throughout the remainder of the year.

Cardoso said the bank was consequently looking beyond the performance recorded in a single month and focusing on sustaining growth in formal remittance flows.

“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,” he said.

“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above US$1 billion.”

The CBN said it plans to deepen engagement with diaspora communities, banks and IMTOs across major remittance corridors as it seeks to increase the proportion of funds entering Nigeria through regulated channels.