Nigeria recorded $3.8 billion in diaspora remittance inflows through international money transfer operators (IMTOs) between January and July 2026, according to the Central Bank of Nigeria (CBN).
The apex bank disclosed this in a statement on Sunday, noting that about $947 million was received through formal channels in July alone.
The July figure represents the highest monthly remittance inflow recorded through formal channels and brings Nigeria closer to the $1 billion monthly target set by CBN Governor Olayemi Cardoso.
“Total IMTO inflows reached $3.8 billion in the first seven months of 2026, representing a 50.2 percent increase from the same period in 2025,” the statement reads.
The CBN attributed the increase to reforms introduced to make formal remittance channels more competitive, transparent and accessible.
Among the measures are the transition towards a more market-driven exchange rate, regulatory changes for IMTOs and the introduction of the non-resident bank verification number (NRBVN).
The regulator also said it had increased engagement with IMTOs, banks and Nigerians living abroad to improve remittance flows.
“More recently, the CBN strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks,” the statement further reads.
“Increased diaspora inflows through formal channels could improve foreign exchange liquidity and transparency, while supporting households, investment and Nigeria’s external financing position.”
The apex bank said it would continue working with diaspora communities, IMTOs, banks and other financial-sector stakeholders across major remittance corridors to reduce transaction difficulties and encourage more Nigerians abroad to use formal channels.
Commenting on the development, Cardoso said the latest figures indicate that Nigeria is getting closer to achieving the $1 billion monthly remittance target.
“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,” the CBN governor said.
“At $947 million in July, we are now approaching that milestone.”
Cardoso stressed that the CBN’s objective goes beyond achieving a single-month record, saying the focus is on establishing conditions that will support consistent growth in formal remittances.
“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,” Cardoso said.
The governor added that the CBN “expects to keep seeing improvement and believes Nigeria can reach and ultimately sustain monthly inflows above $1 billion”.