Nigeria’s Remittances Hit Record $947m in July
By Patience Ikpeme
Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly figure ever recorded through formal channels, the Central Bank of Nigeria (CBN) has said.
The latest figure puts the country within reach of the $1 billion monthly remittance target set by CBN Governor Olayemi Cardoso and reflects a major increase in the amount of money Nigerians living abroad are sending home through regulated financial channels.
In a statement issued by the CBN on Sunday, the apex bank said formal remittance inflows totalled $3.8 billion between January and July 2026. This represents a 50.2 per cent increase over the amount recorded during the corresponding period in 2025.
The sharp rise means that more Nigerians in the diaspora are using formal channels to send money home, a development the CBN said would improve foreign exchange liquidity, strengthen transparency in the remittance market and provide greater support for households and businesses.
Cardoso said the July figure was encouraging but that the CBN was more interested in maintaining the upward trend than celebrating the performance of a single month.
“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,” he said.
The governor added that the country was capable of moving beyond the $1 billion monthly mark.
“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above US$1 billion,” Cardoso said.
The latest development comes nearly two years after the CBN set out the ambition of attracting at least $1 billion every month through formal remittance channels.
Cardoso said the country was now close to achieving an objective that initially appeared difficult to many people.
“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 CBN attributed the increase to a series of reforms aimed at making the formal remittance market easier to use, more competitive and more transparent.
One of the major changes has been the movement towards a more market-driven exchange rate system, which the apex bank said has helped improve the functioning of the foreign exchange market.
The CBN has also changed aspects of its regulatory framework for IMTOs and introduced the Non-Resident Bank Verification Number, known as NRBVN, to make it easier for Nigerians living outside the country to access banking services and participate in the formal financial system.
The bank has also increased its engagement with IMTOs, commercial banks and Nigerian communities abroad as part of efforts to reduce difficulties faced by Nigerians when sending money home.
More recently, the CBN strengthened the requirement that remittance transactions should pass through designated settlement accounts with authorised dealer banks.
The measures are intended to bring a larger share of diaspora remittances into the regulated financial system instead of allowing money to move through informal channels that are more difficult to monitor.
For Nigeria, the growing formal remittance inflows have implications beyond the amount of dollars entering the country each month.
Remittances are an important source of foreign exchange and can provide financial support for millions of Nigerian households. Money sent by Nigerians abroad is commonly used to meet family expenses, pay school fees, support healthcare, finance businesses and invest in property and other assets.
A larger volume of remittances coming through formal channels also gives the financial authorities a clearer picture of foreign exchange entering the economy.
The CBN said stronger formal remittance flows could therefore improve foreign exchange liquidity while supporting greater transparency in the financial system.
The development is also important for Nigeria’s external financing position, particularly at a time when the country is seeking to strengthen its foreign exchange earnings and reduce pressure on external balances.
The $3.8 billion recorded in the first seven months of 2026 means that formal remittance inflows have already risen substantially compared with the same period last year.
The 50.2 per cent year-on-year increase also suggests that the CBN’s efforts to encourage Nigerians in the diaspora to use regulated channels are beginning to produce stronger results.
However, the apex bank said monthly remittance figures could rise or fall because of seasonal and other factors. It therefore does not intend to judge the success of the reforms based on July’s record alone.
Rather, the bank wants the improvement to become a sustained trend, with more Nigerians abroad choosing licensed IMTOs and banks whenever they send money to the country.
To support this objective, the CBN said it would continue engaging Nigerian diaspora communities and financial-sector operators in major remittance corridors.
The bank said its international engagements would provide opportunities to meet with diaspora groups, IMTOs, banks and other stakeholders to identify and remove obstacles that make formal remittance channels less attractive or difficult to use.
The strategy is expected to focus on reducing transaction-related difficulties, widening access to formal financial services and encouraging more Nigerians abroad to send their money through regulated channels.
The CBN’s approach also reflects the growing importance of diaspora remittances to Nigeria’s economy. With millions of Nigerians living and working outside the country, regular transfers from abroad remain an important source of foreign currency and household income.
The record July inflow therefore represents not only a new monthly high but also a test of whether the reforms can permanently change how Nigerians abroad send money home.
With the July figure standing at $947 million, the country is just $53 million short of the $1 billion monthly target set by the CBN.
The central bank’s immediate challenge will now be to sustain the momentum and ensure that the rise in formal inflows continues beyond a single record month.
For Cardoso and the CBN, the goal is no longer simply to reach the $1 billion mark, but to make monthly inflows of that size and above a regular feature of Nigeria’s formal remittance market.
