Nigeria received $947 million in remittance inflows through formal channels in July, the highest monthly figure ever recorded, the Central Bank of Nigeria said on Sunday.
The amount, channelled via International Money Transfer Operators, brings the country close to the $1 billion monthly target set by CBN Governor Olayemi Cardoso nearly two years ago.
Total IMTO inflows reached $3.8 billion in the first seven months of 2026, up 50.2 percent from the same period last year, according to a statement from the bank’s corporate communications department.
Cardoso attributed the rise to reforms aimed at making formal channels more competitive, transparent and accessible. These include a shift to a more market-determined exchange rate, changes to the regulatory framework for money transfer operators and the introduction of the Non-Resident Bank Verification Number.
“When we set a clear ambition to reach one billion dollars a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming. At 947 million dollars in July, we are now approaching that milestone,” Cardoso said.
He added that the bank had strengthened requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks and had stepped up engagement with operators, commercial banks and diaspora communities.
Increased formal flows boost foreign-exchange liquidity and transparency, support households and investment, and strengthen Nigeria’s external financing position, the governor said.
“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 one billion dollars,” he stated.
