By Seun Ibiyemi
Nigeria’s diaspora remittance inflows through International Money Transfer Operators (IMTOs) surged to a record $947 million in July 2026, bringing the country closer to the Central Bank of Nigeria’s $1 billion monthly target.
CBN Governor Olayemi Cardoso disclosed this on Sunday in Abuja, describing the July inflow as the highest monthly remittance recorded through formal IMTO channels.
Cardoso said the development reflected the impact of reforms implemented by the apex bank to make formal remittance channels more competitive, transparent and accessible.
According to him, formal remittance inflows reached $3.8 billion between January and July 2026, representing a 50.2 per cent increase from the $2.5 billion recorded during the corresponding period in 2025.
He attributed the growth to measures including the transition towards a more market-determined exchange rate, reforms to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The CBN has also intensified engagements with money transfer operators, commercial banks and Nigerian diaspora communities in major remittance markets.
Cardoso said the bank had recently strengthened requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.
The governor said the surge in formal remittances could have wider benefits for the Nigerian economy by improving foreign exchange liquidity and transparency, supporting household incomes and investment, and strengthening the country’s external financing position.
“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,” Cardoso said.
“At 947 million dollars in July, we are now approaching that milestone.”
However, he stressed that the CBN was more focused on sustaining the upward trend than on any single month, noting that remittance inflows could fluctuate.
He said the 50.2 per cent year-on-year increase recorded in the first seven months of 2026 demonstrated the growing impact of efforts to shift more diaspora transactions into formal channels.
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The CBN governor said the apex bank would continue working with diaspora communities, IMTOs, banks and other stakeholders to reduce barriers and make formal remittance services easier to access.
He added that the bank would leverage engagements in major global financial centres to expand access to formal remittance services and attract a larger share of diaspora inflows into the Nigerian financial system.
“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.
He expressed confidence that Nigeria would surpass the $1 billion monthly threshold and ultimately sustain inflows above that level.
“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above one billion dollars,” he said.
