The Central Bank of Nigeria has reported a record-breaking $947 million in diaspora remittances through formal channels for July 2026, marking the highest monthly inflow ever recorded and bringing the country within striking distance of its $1 billion monthly target.
CBN Governor Olayemi Cardoso announced the milestone in a statement issued on Sunday in Abuja, revealing that total remittance inflows through International Money Transfer Operators (IMTOs) reached $3.8 billion in the first seven months of the year—a 50.2% increase compared to the same period in 2025.
“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. At 947 million dollars in July, we are now approaching that milestone,” Cardoso said.
The surge follows a series of policy reforms implemented by the CBN to make formal remittance channels more competitive, transparent, and accessible. Key measures include a shift to a more market-determined exchange rate, an overhaul of the regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number (NRBVN). The apex bank has also intensified engagement with IMTOs, commercial banks, and Nigerian diaspora communities, while strengthening requirements for remittance transactions to be processed through designated settlement accounts with authorised dealer banks.
Cardoso emphasised that the significance of the July figure extends beyond the headline number. He noted that increasing diaspora flows through formal channels boost foreign-exchange liquidity and transparency, support households and investment, and strengthen Nigeria’s external financing position.
While acknowledging that monthly figures will naturally fluctuate, the CBN governor stressed that the bank’s focus remains on sustaining the broader upward trajectory and consolidating the shift toward formal channels.
“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,” Cardoso stated. “We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above one billion dollars.”
As part of its ongoing strategy, the CBN plans to deepen engagement with diaspora communities and financial-sector partners across key remittance corridors, using opportunities in major global financial centres to reduce friction, widen access, and channel an even greater share of remittance flows into formal systems.
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