CBN Target in Sight as Nigeria’s Remittances Climb to $947m

Nigeria’s inflows of remittances through International Money Transfer Operators (IMTOs) increased to an all-time high of $947 million in July 2026, bringing the country closer to the $1 billion monthly target set by the Central Bank of Nigeria (CBN).

The July inflow is the largest monthly remittance recorded through formal channels, and brought total IMTO inflows in the first seven months of 2026 to $3.8 billion.

The figure is 50.2 percent higher than the amount recorded during the same period in 2025, indicating a significant rise in remittances coming through formal channels.

Reacting to the development, the CBN Governor, Olayemi Cardoso, said the latest figures showed that the target set nearly two years ago was now in sight.

“When we set a clear ambition to reach US$1 billion a month in remittance inflows through formal channels almost two years ago, some people thought we were dreaming. “We are now nearing that milestone, which was US$947 million in July,” Cardoso said.

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The increase follows a series of reforms introduced by the apex bank to make the formal remittance channels more competitive, transparent and accessible.

The reforms include moving to a more market-determined exchange rate, changes to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).

The CBN has also stepped up its engagement with IMTOs, banks and Nigerian diaspora communities and recently ordered remittance transactions to be routed through designated settlement accounts with authorized dealer banks.

The apex bank says the increase in formal remittance inflows is more than the headline figures as more diaspora funds help boost foreign exchange liquidity and transparency, and support households and investment.

The development, the CBN said, also strengthens the country’s external financing position and reflects the growing impact of reforms targeted at formalizing remittance flows.

The bank will continue to deepen its engagement with the Nigerian diaspora communities and financial sector partners across key remittance corridors, said Cardoso.

He said the CBN would use engagements in major global financial centers to work with diaspora communities, IMTOs, banks and other stakeholders to remove bottlenecks and encourage more remittance flows through formal channels.

“July is a big milestone, but we’re not looking at one month. It is about creating conditions for sustained growth in formal remittances.

“We expect to continue to see improvement and have confidence that Nigeria can achieve and ultimately sustain monthly inflows above US$1 billion,” the CBN governor added.