Nigeria’s July remittances hit record $947m, near Cardoso’s $1bn target
By Adanna Nnamani, Abuja
Nigeria’s remittance inflows through International Money Transfer Operators (IMTOs) rose to a record $947 million in July 2026, bringing the country within striking distance of the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso’s, target of attracting $1 billion in formal remittances every month.
The July inflow is the highest monthly amount recorded through formal remittance channels and represents a significant increase in the flow of diaspora funds into the Nigerian economy.
The CBN said total IMTO inflows reached $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase over the corresponding period in 2025.
The development signals a growing shift of remittance transactions from informal channels to regulated financial institutions, a trend the apex bank has been encouraging as part of its broader foreign exchange reforms.
Cardoso had set the $1 billion monthly remittance target nearly two years ago, with the CBN seeking to make formal channels more attractive to Nigerians in the diaspora and reduce the reliance on informal routes.
Commenting on the July figure, Cardoso said the latest performance showed that the target was no longer out of 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 increase has followed a series of reforms introduced by the CBN to make the formal remittance market more competitive, transparent and accessible.
Among the measures are the move towards 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 engagement with IMTOs, commercial banks and Nigerian diaspora communities in major remittance markets to address bottlenecks affecting the movement of funds into the country.
More recently, the apex bank strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
The reforms are expected to improve transparency in the remittance market while making it easier for recipients and senders to use formal channels.
Beyond the record monthly figure, rising remittance inflows could provide an important boost to Nigeria’s foreign exchange liquidity at a time when the country continues to seek more stable sources of foreign currency.
Diaspora remittances also provide financial support to millions of Nigerian households and contribute to consumption, education, healthcare, investment and other economic activities.
The CBN said the objective was not simply to achieve $1 billion in a single month, but to establish a sustained increase in formal remittance flows.
Cardoso said July’s performance should therefore be viewed as part of a broader trend rather than an isolated record.
“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,” he said.
The apex bank is expected to deepen its engagement with Nigerians living abroad, IMTOs, banks and other stakeholders across major remittance corridors as it seeks to reduce transaction friction and bring more diaspora funds into formal channels.
If the current pace is sustained, the CBN’s $1 billion monthly target could soon become a regular feature of Nigeria’s external financial inflows rather than an aspirational benchmark.
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