July’s highest monthly remittance inflow is $947 million: CBN

The Central Bank of Nigeria (CBN) says the country recorded remittance inflows of $947 million through International Money Transfer Operators (IMTOs) in July.

CBN Governor, Olayemi Cardoso, stated this in a statement from the Department of Corporate Communications on Sunday in Abuja.

According to Cardoso, July’s remittances represent the highest monthly inflow ever recorded through formal channels and are close to the $1 billion monthly target set by the CBN.

“IMTO inflows reached $3.8 billion in the first seven months of 2026, 50.2% higher than the same period in 2025, indicating a significant strengthening of flows through formal channels.

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

“These include the 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.

He said the apex bank had also initiated closer dialogue with IMTOs, banks and Nigerian diaspora communities.

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

He said the meaning extends beyond the title figure.

According to the CBN governor, increasing diaspora flows through formal channels increases foreign exchange liquidity and transparency, supports families and investments, and strengthens Nigeria’s external financing position.

“When we set a clear ambition to reach $1 billion a month in remittance flows through formal channels almost two years ago, some people thought we were dreaming.

“With $947 million in July, we are getting closer to that milestone,” he said.

Cardoso said that while individual monthly data naturally varies, the CBN’s focus is on a broader trajectory and supporting the shift towards formal channels.

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

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

“As part of its broader international commitments, the Bank will continue to exploit opportunities in key global financial centers to engage diaspora communities, IMTOs, banks and other stakeholders.

“The goal is to reduce friction, broaden access and bring a greater share of remittance flows into formal channels.

“July is an important indicator, but our attention is not focused on a single month, but on creating the conditions for sustained growth in formal remittances.

“We expect to continue to see improvements and believe Nigeria can achieve and ultimately sustain monthly inflows in excess of $1 billion,” he said.