..Nigeria Eyes $1bn Monthly Remittance Target After July Record
Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators, IMTOs, in July 2026, the highest monthly figure ever received through formal channels.
Data from the Central Bank of Nigeria, CBN, showed the amount puts the country close to the $1 billion monthly target set by CBN Governor Olayemi Cardoso.
Total IMTO inflows stood at $3.8 billion in the first seven months of 2026. This represents a 50.2 per cent increase compared to the same period in 2025 and signals a major shift to official channels.
The CBN attributed the surge to key regulatory reforms aimed at improving transparency, accessibility and competitiveness in the remittance market.
The reforms include a market-determined exchange rate, revised regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number, NRBVN. The apex bank also said it stepped up engagement with IMTOs, banks and Nigerian diaspora communities.
“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,” the CBN stated.
The central bank added that requirements were recently tightened to mandate that all remittance transactions pass through designated settlement accounts with authorized dealer banks.
Beyond the headline milestone, the apex bank noted that directing more diaspora funds through formal channels enhances foreign exchange liquidity and market transparency, supports household consumption and investment, and strengthens the nation’s broader external financing position.
Reflecting on the milestone, Cardoso remarked,
“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 US$1 billion,” Cardoso added
