Nigeria recorded $3.8 billion in diaspora remittance inflows through international money transfer operators (IMTOs) between January and July 2026, representing a 50.2 percent increase from the same period in 2025.
The Central Bank of Nigeria (CBN) disclosed this in a statement on Sunday, saying about $947 million was received through formal channels in July alone.
The July figure represents the highest monthly remittance inflow recorded through formal channels and brings Nigeria closer to the $1 billion monthly target set by CBN Governor Olayemi Cardoso.
The CBN attributed the increase to reforms introduced to make formal remittance channels more competitive, transparent and accessible.
Among the measures are the transition towards a more market-driven exchange rate, regulatory changes for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The apex bank also said it had increased engagement with IMTOs, banks and Nigerians living abroad to improve remittance flows.
More recently, the CBN strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
The regulator said increased diaspora inflows through formal channels could improve foreign exchange liquidity and transparency, while supporting households, investment and Nigeria’s external financing position.
The CBN said it would continue working with diaspora communities, IMTOs, banks and other financial-sector stakeholders across major remittance corridors to reduce transaction difficulties and encourage more Nigerians abroad to use formal channels.
Commenting on the development, Cardoso said the latest figures showed that Nigeria was getting closer to achieving the $1 billion monthly remittance target.
“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,” Cardoso said.
“At $947 million in July, we are now approaching that milestone.”
Cardoso stressed that the CBN’s objective goes beyond achieving a single-month record, saying the focus is on creating conditions that will support consistent growth in formal remittances.
“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 CBN expects further improvement and believes Nigeria can reach and ultimately sustain monthly inflows above $1 billion.
