CBN says Nigeria record $947m remittance inflows in July

Business, Economy & Policy

ABUJA, Nigeria (NPA) — The Central Bank of Nigeria (CBN) says the country recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, marking the highest monthly inflow ever recorded through formal remittance channels.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed this in a statement issued by the bank’s Corporate Communications Department on Sunday in Abuja.

Cardoso said the July inflow moved Nigeria closer to the CBN’s target of achieving $1 billion in monthly remittances through formal channels.

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According to him, total inflows through IMTOs reached $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase compared with the corresponding period in 2025.

He attributed the growth to a series of reforms introduced by the apex bank to make formal remittance channels more competitive, transparent and accessible.

The reforms, he said, include the transition to a more market-determined exchange rate, changes to the regulatory framework governing International Money Transfer Operators and the introduction of the Non-Resident Bank Verification Number (NRBVN).

The CBN Governor added that the bank had also increased its engagement with IMTOs, commercial banks and Nigerian communities in the diaspora to encourage the use of formal channels for remittances.

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

He noted that the importance of the rising inflows extended beyond the record monthly figure.

According to him, increased remittances through formal channels would improve foreign exchange liquidity and transparency, support households and investments 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,” Cardoso said.

“At $947 million in July, we are now approaching that milestone.”

Cardoso said the CBN was focused on sustaining the broader growth trajectory rather than concentrating on individual monthly figures, which could fluctuate.

He said the significant increase recorded in the first seven months of 2026 demonstrated the growing impact of reforms aimed at strengthening Nigeria’s formal remittance system.

The CBN, he added, would continue to deepen its engagement with Nigerian diaspora communities and financial-sector partners across major remittance corridors.

“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,” he said.

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

Cardoso said the CBN remained focused on creating the conditions necessary for sustained growth in remittance inflows, expressing confidence that Nigeria could reach and eventually maintain monthly remittances above $1 billion.

“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.