Nigeria’s formal remittance inflows rose to a record $947 million in July 2026, bringing the country closer to the Central Bank of Nigeria’s target of attracting at least $1 billion monthly through official channels.

The July figure represented the highest monthly inflow recorded through International Money Transfer Operators and followed a series of reforms introduced by the CBN to strengthen formal remittance channels.

Between January and July 2026, total inflows through IMTOs reached $3.8 billion, representing a 50.2 per cent increase compared with the same period in 2025.

CBN Governor, Olayemi Cardoso, said the latest figure placed Nigeria about $53 million away from the $1 billion monthly target.

Cardoso said the increase was linked to measures aimed at making formal remittance channels more competitive, transparent and accessible.

The reforms included a more market-driven exchange rate, changes to regulations governing IMTOs and the introduction of the Non-Resident Bank Verification Number.

The CBN also tightened requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.

The apex bank said the growth in formal remittances could improve foreign exchange liquidity and transparency while supporting household consumption, investment and Nigeria’s external financing position.

Cardoso said the CBN’s goal was not only to reach the $1 billion monthly mark but to sustain inflows above that level.

He added that the bank would continue working with diaspora communities, banks and money transfer operators to reduce transaction barriers and encourage more Nigerians abroad to use formal remittance channels.