CBN Governor, Yemi Cardoso
Nigeria’s diaspora remittance inflows through International Money Transfer Operators (IMTOs), rose to a record $947 million (about N1,267,417,450,000) in July 2026, bringing the country closer to the Central Bank of Nigeria’s (CBN) $1 billion monthly target.
The CBN said in a publication on its website that the July figure was the highest monthly inflow recorded through formal remittance channels and represented a significant increase in the flow of diaspora funds through regulated financial institutions.
The apex bank also disclosed that total remittance inflows through IMTOs reached $3.8 billion between January and July 2026, representing a 50.2 per cent increase compared with the corresponding period in 2025.
The rise followed a series of reforms introduced by the CBN to make formal remittance channels more competitive, transparent and accessible.
Among the measures are the adoption of a more market-determined exchange rate, changes to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The CBN has also increased engagement with IMTOs, banks and Nigerians in the diaspora, while strengthening rules requiring remittance transactions to pass through designated settlement accounts with authorised dealer banks.
The apex bank said the increase in formal remittances could improve foreign exchange liquidity and transparency, while supporting household incomes, investment and Nigeria’s external financing position.
CBN Governor Olayemi Cardoso said the latest figures showed that the $1 billion monthly target was within reach.
“When we set a clear ambition to reach $1 billion a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming. At $947 million in July, we are now approaching that milestone,” Cardoso said.
He, however, cautioned against judging the performance based on a single month, stressing that the CBN’s priority was to sustain the long-term growth in formal remittance inflows.
“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.
Cardoso added that the CBN expected formal remittance inflows to continue rising and that Nigeria could eventually sustain monthly inflows above $1 billion.
The bank said it would deepen its engagement with diaspora communities and financial-sector operators along major remittance corridors.
It also plans to use upcoming engagements in major global financial centres to work with diaspora groups, IMTOs, banks and other stakeholders to reduce transaction barriers, improve access and encourage more Nigerians abroad to use formal remittance channels.
