Nigeria is edging closer to achieving a $1 billion monthly remittance inflow target after remittances through International Money Transfer Operators (IMTOs) reached a record $947 million in July 2026, the Central Bank of Nigeria (CBN) has said.
CBN Governor, Olayemi Cardoso, disclosed the development, describing the July figure as an important milestone in the bank’s efforts to increase remittance inflows through formal channels.
The $947 million recorded in July represents the highest monthly remittance inflow through formal IMTO channels to date, bringing Nigeria within $53 million of the $1 billion monthly target.
Remittances rise 50.2%
According to the CBN, 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 $2.5 billion recorded during the corresponding period of 2025.
The apex bank attributed the growth to a series of reforms designed to make formal remittance channels more competitive, transparent and accessible.
Among the measures are the transition towards a more market-determined exchange rate, reforms to the regulatory framework governing IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The CBN also said it had strengthened engagement with IMTOs, banks and Nigerian diaspora communities to encourage greater use of formal remittance channels.
More recently, the bank strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
Cardoso: $1bn target within reach
Cardoso said the latest figures showed that the country was getting closer to an ambition that initially appeared difficult to achieve.
“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,” he said.
The CBN governor, however, stressed that the bank’s objective was not simply to achieve a single-month record but to establish conditions for sustained 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,” Cardoso added.
He expressed confidence that Nigeria could eventually surpass the $1 billion monthly threshold.
“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above $1 billion.”
Diaspora inflows boost forex liquidity
The CBN said the increase in formal remittances has implications beyond the headline figures, noting that higher diaspora inflows could improve foreign-exchange liquidity and transparency while supporting households, investment and Nigeria’s external financing position.
The bank said it would continue engaging Nigerians in the diaspora, IMTOs, banks and other financial-sector stakeholders across major remittance corridors.
It added that the engagements were aimed at reducing transaction difficulties, widening access to formal remittance services and encouraging a greater proportion of diaspora funds to flow through regulated channels.
The CBN noted that monthly remittance figures could fluctuate, but maintained that the broader upward trend remained the key indicator of the impact of its reforms.
