$947m July remittances highest monthly inflow — CBN

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The Central Bank of Nigeria says the country recorded $947m in remittance inflows through International Money Transfer Operators in July.

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The Governor of the CBN, Olayemi Cardoso, said this in a statement by the bank’s Corporate Communications Department on Sunday in Abuja.

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According to Cardoso, the July remittances were the highest monthly inflow ever recorded through formal channels and approached the $1bn monthly target set by the CBN.

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“IMTO inflows reached $3.8bn in the first seven months of 2026, 50.2 per cent higher than the same period in 2025, pointing to a significant strengthening in flows through formal channels.

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

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“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),” he said.

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He said the apex bank had also embarked on closer engagement with IMTOs, banks and Nigerian diaspora communities.

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“More recently, the CBN has strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks,” he said.

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He said the significance extended beyond the headline figure.

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According to the CBN governor, increasing diaspora flows through formal channels boost foreign exchange liquidity and transparency, support households and investment, and strengthen Nigeria’s external financing position.

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“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.

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“At 947 million dollars in July, we are now approaching that milestone,” he said.

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Cardoso said that while individual monthly figures would naturally vary, the CBN’s focus was on the broader trajectory and on sustaining the shift towards formal channels.

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He said the significant increase in inflows recorded so far in 2026 pointed to the growing impact of reforms designed to make formal remittance channels more competitive, accessible and transparent.

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He said the CBN was building on this momentum by deepening engagement with Nigerian diaspora communities and financial-sector partners across key remittance corridors.

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“As part of its wider international engagements, the Bank will continue to use opportunities in major global financial centres to engage diaspora communities, IMTOs, banks and other stakeholders.

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“This is to reduce friction, widen access and bring a greater share of remittance flows into formal channels.

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“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.

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“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above one billion dollars,” he said.

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