July remittances hit $947m, highest monthly inflow via formal channels, CBN says

The Central Bank of Nigeria has reported $947m in remittance inflows through International Money Transfer Operators in July, describing it as the highest monthly inflow ever recorded through formal channels. The figure brings the country closer to the CBN's $1bn monthly target.

CBN Governor Olayemi Cardoso disclosed this in a statement by the bank's Corporate Communications Department on Sunday in Abuja. He said the July remittances approached the $1bn monthly target the CBN set nearly two years ago.

Strong first seven months

According to Cardoso, IMTO inflows reached $3.8bn in the first seven months of 2026, 50.2 per cent higher than the same period in 2025. He said this points to a significant strengthening in flows through formal channels.

“The increase follows a series of reforms by the CBN aimed at making formal remittance channels more competitive, transparent and accessible,” Cardoso said. “These include 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).”

The CBN has also strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks. The governor added that the bank has deepened engagement with IMTOs, banks and Nigerian diaspora communities.

Approaching the target

Cardoso stressed that the significance goes beyond the headline figure. Increased diaspora flows through formal channels boost foreign exchange liquidity and transparency, support households and investment, and strengthen Nigeria'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. At 947 million dollars in July, we are now approaching that milestone,” he said.

He noted that individual monthly figures would naturally vary, but the CBN's focus is on the broader trajectory and sustaining the shift towards formal channels. The significant increase in inflows recorded so far in 2026 points to the growing impact of the reforms.

Outlook and next steps

The CBN plans to build on this momentum by deepening engagement with Nigerian diaspora communities and financial-sector partners across key remittance corridors. Cardoso said the bank will continue to use opportunities in major global financial centres to engage diaspora communities, IMTOs, banks and other stakeholders.

“This is to reduce friction, widen access and bring a greater share of remittance flows 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 one billion dollars,” he said.

For the naira, higher formal remittance inflows mean improved dollar supply in the official market. That supports exchange rate stability and reduces pressure on external reserves, while giving households and businesses more confidence in the financial system.