Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly inflow ever recorded through formal channels and a significant step towards the Central Bank of Nigeria’s (CBN) $1 billion monthly target.

‎The July figure brought total IMTO inflows in the first seven months of 2026 to $3.8 billion, representing a 50.2 per cent increase compared with the same period in 2025. The growth indicates a significant shift towards formal channels for receiving diaspora remittances.

CBN Governor Olayemi Cardoso attributed the increase to reforms introduced by the apex bank to make formal remittance channels more competitive, transparent and accessible. The measures include 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, while deepening engagement with IMTOs, banks and Nigerian diaspora communities.

Cardoso said the latest figures showed that the target set by the CBN nearly two years ago was within reach. “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 said the rising volume of formal remittances could strengthen foreign exchange liquidity and transparency, while supporting households, investment and Nigeria’s external financing position. It, however, noted that monthly inflows could fluctuate and that its priority remained sustaining the broader growth trajectory.

‎The apex bank said it would build on the momentum by expanding engagement with Nigerian diaspora communities and financial-sector partners across major remittance corridors. It added that engagements in key global financial centres would focus on reducing transaction friction, widening access and bringing more remittance flows into formal channels.

‎Cardoso said the CBN’s objective goes beyond achieving the $1 billion monthly benchmark, stressing the need to sustain growth in formal remittances. “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, adding that Nigeria could ultimately achieve and sustain monthly inflows above $1 billion.