Nigeria received $947 million in remittance inflows through International Money Transfer Operators in July 2026, the highest monthly figure ever recorded through formal channels, the Central Bank of Nigeria said in a statement released on Sunday.
The amount leaves the country $53 million short of the $1 billion monthly target set by CBN Governor Olayemi Cardoso nearly two years ago. Inflows through IMTOs totalled $3.8 billion in the first seven months of 2026, a 50.2 per cent increase compared with the same period in 2025.
Drivers of the Growth
The Central Bank said the latest numbers point to a substantial rise in the volume of diaspora funds moving through formal financial institutions. It attributed the improvement to reforms designed to make official remittance channels more competitive, transparent and accessible.
Those measures include the shift toward a more market-determined exchange rate, adjustments to the regulatory framework governing IMTOs, and the introduction of the Non-Resident Bank Verification Number. The apex bank has also stepped up engagement with money-transfer operators, commercial banks and Nigerian diaspora communities to lower barriers to formal inflows.
“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,” Governor Cardoso was quoted as saying.
Earlier Oversight Measures
Earlier this year the Central Bank directed all IMTOs operating in Nigeria to open and maintain naira settlement accounts with authorised dealer banks. The circular, dated March 24, 2026 and signed by Dr Musa Nakorji, Director of the Trade and Exchange Department, was aimed at tightening oversight of diaspora remittances and improving transparency in the foreign exchange market. The bank said the step would enhance diaspora remittances while strengthening the transparency, traceability and monitoring of transactions.
Impact on Liquidity and External Position
The Central Bank noted that the significance of the increase extends beyond the single-month record. Stronger formal diaspora inflows can improve foreign exchange liquidity and transparency, support household consumption and investment, and reinforce Nigeria’s external financing position.
It acknowledged that monthly remittance figures can fluctuate and said its focus remains on sustaining the broader upward trend in formal flows. “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 bank stated.
The Central Bank plans to build on the momentum by deepening engagement with Nigerian diaspora communities and financial-sector partners across key remittance corridors. It intends to use interactions in major global financial centres to engage diaspora groups, IMTOs, banks and other stakeholders, with the aim of reducing friction and drawing a larger share of remittances into formal channels.
“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,” Cardoso said.
Earlier Quarterly Gains
The July figure builds on growth recorded in the first quarter of 2026, when IMTO inflows rose 45 per cent to a record $1.29 billion from $888.47 million in the same period of 2025. Central Bank data showed January as the strongest month of that quarter at $506.66 million, followed by February at $402.13 million (up from $288.82 million) and March at $377.93 million (up from $317.60 million).
