The Central Bank of Nigeria (CBN) has announced that Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly figure ever recorded through formal channels.
The apex bank said the figure marks significant progress toward 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, a 50.2 percent increase compared to the same period in 2025, indicating a strong shift toward official remittance channels.
Regulatory Reforms Drive Remittance Growth
The surge follows several regulatory interventions by the CBN aimed at improving transparency, accessibility, and competitiveness of official remittance avenues. According to the CBN, these measures include a move to a more market-determined exchange rate, reforms to the IMTO regulatory framework, and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The central bank also noted closer engagement with IMTOs, banks, and Nigerian diaspora communities. Recently, the CBN tightened requirements to mandate that all remittance transactions pass through designated settlement accounts with authorized dealer banks.
Economic Impact of Formal Remittance Flows
Beyond the headline milestone, the CBN highlighted that directing more diaspora funds through formal channels enhances foreign exchange liquidity and market transparency, supports household consumption and investment, and strengthens Nigeria's broader external financing position.
Reflecting on the achievement, Governor Cardoso said, "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."
The CBN's data underscores a positive trend in diaspora engagement with the formal financial system, a development that could have lasting implications for Nigeria's economy.
