Nigeria’s formal remittance inflows rose to a record $947 million in July 2026, bringing the country within reach of the Central Bank of Nigeria’s $1 billion monthly target.
The July figure, recorded through International Money Transfer Operators, represents the highest monthly remittance inflow achieved through formal channels and marks a significant increase in the amount of diaspora funds entering the country through regulated financial institutions.
The Central Bank of Nigeria said total inflows through IMTOs reached $3.8 billion between January and July, an increase of 50.2 per cent compared with the corresponding period in 2025.
The latest figures point to a sustained shift towards formal remittance channels, following a series of measures introduced by the apex bank to improve the efficiency and attractiveness of sending money through regulated platforms.
CBN Governor Olayemi Cardoso said the July performance showed that the $1 billion monthly ambition was becoming increasingly achievable.
“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.
CBN reforms reshape remittance market
The increase has followed several changes to Nigeria’s remittance framework, including the adoption of a more market-driven exchange rate and revisions to regulations governing international money transfer operators.
The CBN has also introduced the Non-Resident Bank Verification Number, aimed at making it easier for Nigerians living abroad to access formal banking services and transfer funds into the country.
The apex bank has increased engagement with IMTOs, commercial banks and diaspora groups while strengthening requirements for remittance transactions to pass through designated settlement accounts maintained with authorised dealer banks.
The measures are designed to reduce the incentives for using informal channels and improve transparency across the remittance market.
More dollars entering formal economy
Beyond the record monthly figure, the CBN said the growth in formal remittances could have wider implications for Nigeria’s economy.
Higher inflows provide additional foreign-exchange liquidity, improve visibility over the movement of funds and support households that depend on money sent home by relatives abroad.
The increased formal inflows could also strengthen Nigeria’s external financing position and provide additional support for investment and consumption.
Cardoso cautioned, however, that the bank would not judge the success of its reforms on a single month’s performance.
“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.
He added that the CBN expected inflows to continue improving and believed Nigeria could eventually achieve and maintain monthly formal remittance receipts above $1 billion.
Diaspora engagement continues
The central bank said it would build on the recent momentum by expanding its engagement with Nigerians abroad and financial-sector players operating along major remittance corridors.
The CBN plans to use international financial centres and other global engagements to work with diaspora communities, IMTOs, banks and related stakeholders to identify obstacles affecting remittance transfers.
The broader objective is to make formal channels easier to use, reduce transaction-related friction and encourage a larger proportion of the billions of dollars sent to Nigeria by citizens abroad to pass through regulated systems.
With July’s $947 million inflow placing the country just short of the $1 billion threshold, the CBN is now focused on turning the recent surge into a sustained trend rather than a one-month record.
