Nigeria’s Formal Remittances Hit $947m, Near CBN’s $1bn Monthly Goal
Nigeria’s Formal Remittances Record $947m, Near CBN’s $1bn Monthly Goal
Nigeria recorded US$947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, bringing the Central Bank of Nigeria (CBN) closer to its target of achieving US$1 billion in monthly remittances through formal channels.
The July figure represents the highest monthly remittance inflow ever recorded through formal channels and reflects the growing impact of reforms introduced by the apex bank under the leadership of its Governor, Olayemi Cardoso.
Data showed that IMTO inflows reached US$3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase compared with the corresponding period in 2025.
The increase has been attributed to a series of reforms by the CBN aimed at making formal remittance channels more competitive, transparent and accessible.
The measures include the transition 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).
The CBN has also intensified engagement with IMTOs, commercial banks and Nigerian diaspora communities, while recently strengthening requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
The growing inflows are expected to boost foreign exchange liquidity, improve transparency in remittance transactions, support households and investments, and strengthen Nigeria’s external financing position.
Commenting on the development, Cardoso said the July performance demonstrated that the bank’s long-term strategy of attracting more diaspora funds through formal channels was yielding positive results.
“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. At US$947 million in July, we are now approaching that milestone,” the CBN Governor said.
He noted, however, that the bank’s focus was not limited to achieving a strong performance in a single month but on sustaining the growth of remittances through formal channels.
While monthly inflows may fluctuate, Cardoso said the broader trend indicated a significant shift towards regulated and transparent remittance platforms.
The CBN said it would continue to build on the momentum by deepening engagement with Nigerian diaspora communities and financial-sector partners across major remittance corridors.
As part of its broader international engagements, the bank said it would leverage opportunities in major global financial centres to engage diaspora communities, IMTOs, banks and other stakeholders to reduce transaction friction, widen access and attract a greater share of remittance flows into the formal financial system.
Cardoso added that the CBN remained optimistic that Nigeria would soon achieve and sustain monthly remittance inflows above US$1 billion.
“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,” he said.
