Diaspora Remittances Hits $947m In July

Remittance inflows through International Money Transfer Operators (IMTOs) hit a record high of $947 million in July 2026, as it nears the $1 billion monthly target set by the Central Bank of Nigeria(CBN), data from the apex bank has shown.

According to the CBN IMTO inflows reached $3.8 billion in the first seven months of 2026, 50.2 per cent higher than the same period in 2025, an indication of strengthening in flows through formal channels.

Commenting on the latest figure, Governor of the CBN, Olayemi Cardoso who had set the $1 billion monthly target said “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.”

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

These include a 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), alongside closer engagement with IMTOs, banks, and Nigerian diaspora communities.

More recently, the CBN has strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
The CBN said it is building on this momentum by deepening engagement with Nigerian diaspora communities and financial-sector partners across key remittance corridors. As part of its wider international engagements, the Bank will continue to use opportunities in major global financial centres to engage diaspora communities, IMTOs, banks and other stakeholders to reduce friction, widen access and bring a greater share of remittance flows into 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 stated.