Nigeria recorded a staggering$947 million in remittance inflows through international money transfer operators in July 2026, the highest monthly inflow ever recorded through formal channels and approaching the $1 billion monthly target set by the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso.
International monetary transfer operators inflows reached $3.8 billion in the first seven months of 2026 (50.2 percent)!higher than the same period in 2025, pointing to a significant strengthening in flows through formal channels.
The increase, the apex bank explained, 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 international monetary transfer operators, and the introduction of the Non-Resident Bank Verification Number (NRBVN), alongside closer engagement with international monetary transfer operators, banks, and the Nigerian diaspora communities.
More recently, the CBN said, it has strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
The significance extends beyond the headline figure. Increasing diaspora flows through formal channels boosts foreign-exchange liquidity and transparency, supports households and investment, and strengthens Nigeria’s external financing position.
“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 $947 million in July, we are now approaching that milestone,” Governor Cardoso said.
While individual monthly figures will naturally vary, the CBN’s focus is on the broader trajectory and on sustaining the shift towards formal channels.
The significant increase in inflows recorded so far in 2026, points to the growing impact of reforms designed to make formal remittance channels more competitive, accessible and transparent.
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The CBN 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, international monetary transfer operators, banks and other stakeholders to reduce friction, widen access and bring a greater share of remittance flows into formal channels.Governor,” Cardoso added:
“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.”
