The Central Bank of Nigeria (CBN) has reported that Nigeria’s remittance inflows through International Money Transfer Operators (IMTOs) surged to US$947 million in July this year, the highest monthly inflow ever recorded through formal channels and nearing the US$1 billion monthly target set by Governor Olayemi Cardoso this year.
The apex bank, in a statement, indicated that the IMTO inflows reached US$3.8 billion in the first seven months of 2026, representing 50.2% higher than the inflows in the corresponding period og 2025, reflecting a major boost in flows through formal channels.
According to the CBN, the increase follows a series of reforms by the CBN aimed at making formal remittance channels more competitive, transparent and accessible.
It listed some of the monetary reform measures as including 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.
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The CBN maintained that the significance of the improved IMTOs extended beyond the headline figure as the 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 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 apex bank stated that while individual monthly figures would naturally vary, its focus is on the broader trajectory and on sustaining the shift towards formal channels, adding that 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 stated that it was building on this momentum by deepening engagement with Nigerian diaspora communities and financial-sector partners across key remittance corridors, adding that as part of its wider international engagements, 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 assured: “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.”
