Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said Nigeria is closing in on its target of attracting $1 billion in monthly remittance inflows, after inflows through International Money Transfer Operators (IMTOs) rose to a record $947 million in July 2026.
The July figure represents the highest monthly remittance inflow ever recorded through formal channels and brings the country within touching distance of the $1 billion monthly milestone set by CBN under Cardoso’s leadership.
Remittance inflows through IMTOs also reached $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase over the $2.5 billion recorded in the corresponding period of 2025.
The apex bank, in a statement, said the increase followed a series of reforms by CBN aimed at making formal remittance channels more competitive, transparent, and accessible.
The reforms included a move to a more market-determined exchange rate, reforms to the regulatory framework for IMTOs, and the introduction of Non-Resident Bank Verification Number (NRBVN), alongside closer engagement with IMTOs, banks, and Nigerian diaspora communities.
More recently, CBN had strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
The significance extends beyond the headline figure. Increasing diaspora flows through formal channels boosts foreign-exchange liquidity and transparency, supports households and investment, and strengthens Nigeria’s external financing position.
Cardoso said, “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.”
CBN stated that while individual monthly figures will naturally vary, the focus was 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. CBN 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 says it 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.
Cardoso added, “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 $1 billion.”
Nume Ekeghe
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