Abuja: The Central Bank of Nigeria (CBN) has reported a record-breaking remittance inflow of 947 million dollars through International Money Transfer Operators (IMTOs) in July. This figure marks the highest monthly inflow ever recorded through formal channels, moving closer to the one billion dollars monthly target set by the bank.
According to News Agency of Nigeria, the Governor of the CBN, Olayemi Cardoso, highlighted that the IMTO inflows reached 3.8 billion dollars in the first seven months of 2026. This represents a 50.2 percent increase compared to the same period in 2025, underscoring a substantial strengthening in flows through formal channels. The surge follows a series of reforms by the CBN aimed at enhancing the competitiveness, transparency, and accessibility of formal remittance channels. These reforms include adopting a more market-determined exchange rate, revising the regulatory framework for IMTOs, and introducing the Non-Resident Bank Verification Number (NRBVN).
Cardoso mentioned the CBN
‘s efforts to engage more closely with IMTOs, banks, and Nigerian diaspora communities. Furthermore, the apex bank has recently fortified requirements for routing remittance transactions through designated settlement accounts with authorized dealer banks. The governor emphasized that the significance of these remittances extends beyond the headline figure, as increasing diaspora flows through formal channels boosts foreign-exchange liquidity and transparency, supports households and investment, and strengthens Nigeria’s external financing position.
The CBN governor stated that reaching 947 million dollars in July demonstrates progress toward their nearly two-year-old ambition of achieving one billion dollars a month in remittance inflows through formal channels. While acknowledging that individual monthly figures may vary, Cardoso emphasized the importance of the broader trajectory and sustaining the shift towards formal channels. The marked increase in inflows for 2026 reflects the growing impact of reforms
designed to enhance the competitiveness, accessibility, and transparency of formal remittance channels.
The CBN is committed to deepening engagement with Nigerian diaspora communities and financial-sector partners across key remittance corridors. As part of its wider international engagements, the bank aims to leverage opportunities in major global financial centers to engage diaspora communities, IMTOs, banks, and other stakeholders. The goal is to reduce friction, widen access, and channel a greater share of remittance flows into formal channels. Cardoso concluded by stating that while July’s achievement is significant, the focus remains on creating conditions for sustained growth in formal remittances, with an expectation of maintaining monthly inflows above one billion dollars in the future.