Diaspora Remittances Near CBN’s $1bn Target, Hit $947m In July

Nigeria’s diaspora remittance inflows rose to a record $947 million in July 2026, bringing the Central Bank of Nigeria closer to its $1 billion monthly target and offering some support to the naira.

Data from the apex bank showed that remittance inflows through International Money Transfer Operators (IMTOs) reached $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase compared with the same period in 2025. The figure points to a steady strengthening of remittance flows through formal channels.

CBN Governor Olayemi Cardoso, who had earlier set the $1 billion monthly target, said the bank was now close to achieving the goal it announced nearly two years ago.

According to him, the July figure marked a major milestone in the country’s efforts to channel more diaspora funds through regulated systems.

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

The increase followed a series of reforms introduced by the CBN to make formal remittance channels more attractive, transparent and accessible to Nigerians abroad and their beneficiaries at home.

The measures include a move toward 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 bank also said it has stepped up engagement with IMTOs, banks and Nigerian diaspora communities.

More recently, the CBN strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks, in a move aimed at improving oversight and deepening formal inflows.

The bank said it is building on the momentum by expanding engagement with diaspora communities and financial sector partners across major remittance corridors. It added that it would continue using opportunities in key global financial centres to meet diaspora groups, IMTOs, banks and other stakeholders, with the goal of reducing friction and widening access to 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. We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above $1 billion,” Cardoso said.

The stronger inflow is expected to help ease pressure on the naira by improving foreign exchange availability and reducing reliance on informal channels. It also reinforces the role of diaspora remittances as a key source of external support for the Nigerian economy.