The Central Bank of Nigeria (CBN), on Sunday said it came within earshot of the $1 billion monthly remittances target, as it recorded US$947 million in inflows through International Money Transfer Operators (IMTOs) in July 2026.
This, it said, is the highest monthly inflow ever recorded through formal channels, as it approaches the US$1 billion monthly target set by its Governor, Olayemi Cardoso, recalling that IMTO inflows reached US$3.8 billion in the first seven months of 2026, representing about 50.2% rise over the same period in 2025, representing what it tagged a significant strengthening in flows through formal channels.
The CBN statement explained that the increase follows a series of reforms it undertook to make formal remittance channels more competitive, transparent and accessible.
Some of the initiatives, it said, include a move 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), alongside closer engagement with IMTOs, banks, and Nigerian diaspora communities. More recently, the CBN has strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
The significance, it stressed, is beyond the headline increase in diaspora flows through formal channels, as it also boosted foreign-exchange liquidity and transparency, supports households and investment, and strengthens Nigeria’s external financing position.
The statement quoted Cardoso as recalling that when the apex bank “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.”
While individual monthly figures will naturally vary, the CBN said its focus is on the broader trajectory and on sustaining the shift towards formal channels. The significant increase in inflows recorded so far in 2026 points to the growing impact of reforms designed to make formal remittance channels more competitive, accessible and transparent.
The CBN assured that it is building on this momentum by deepening engagement with Nigerian diaspora communities and financial-sector partners across key remittance corridors. As part of its wider international engagements, the Bank will continue to use opportunities in major global financial centres to engage diaspora communities, IMTOs, banks and other stakeholders to reduce friction, widen access and bring a greater share of remittance flows into formal channels.
For Cardoso, therefore, “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.”
