By Godswill Michael
Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, as formal remittances rose by 50.2 per cent in the first seven months of the year.
The July inflow was the highest monthly remittance figure ever recorded through formal channels, bringing Nigeria closer to the $1 billion monthly target set by the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso.
According to the CBN in a statement on Monday, IMTO inflows reached $3.8 billion between January and July 2026, compared with about $2.5 billion recorded during the corresponding period in 2025.
Cardoso said the latest figures indicated that the CBN was moving closer to an objective that had initially appeared difficult to achieve.
“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,” he said.
The CBN attributed the growth to reforms aimed at making formal remittance channels more competitive, transparent and accessible.
The reforms include the move towards a more market-determined exchange rate, changes to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The apex bank also said it had strengthened engagement with IMTOs, banks and Nigerian diaspora communities to encourage more Nigerians abroad to use formal channels to send money home.
Recently, the CBN strengthened requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.
The bank said the increase in formal diaspora inflows could have broader benefits for the economy by improving foreign exchange liquidity and transparency, while supporting households, investment and Nigeria’s external financing.
However, the CBN cautioned against judging the performance solely on individual monthly figures, noting that remittance inflows could fluctuate from month to month.
Cardoso said the bank’s priority was to sustain the upward trajectory rather than focus on the performance of a single month.
“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,” he said.
The governor said the CBN expected the positive trend to continue, expressing confidence that Nigeria could move beyond the $1 billion monthly threshold.
“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above US$1 billion,” Cardoso said.
The July performance left Nigeria just $53 million short of the $1 billion monthly target.
The CBN said it would continue engaging diaspora communities and financial-sector stakeholders in major remittance corridors to reduce barriers to formal transfers and increase the share of remittances entering the country through regulated channels.