By Desire Uzochukwu
Nigeria’s remittance inflows through International Money Transfer Operators (IMTOs) surged to a record $947 million in July 2026, bringing the Central Bank of Nigeria’s (CBN) ambitious target of attracting at least $1 billion monthly through formal channels within striking distance.
The July figure represents the highest monthly remittance inflow ever recorded through formal channels, underscoring the growing impact of reforms introduced by the apex bank to redirect more diaspora money into the formal financial system.
It also takes total inflows through IMTOs in the first seven months of 2026 to $3.8 billion, a 50.2 per cent increase over the same period in 2025.
For CBN Governor Olayemi Cardoso, the latest numbers offer evidence that a target that once appeared ambitious is becoming increasingly achievable.
“When we set a clear ambition to reach $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,” Cardoso said.
The surge marks a significant shift in Nigeria’s formal remittance landscape, coming after a series of measures by the CBN designed to make official channels more competitive, transparent and accessible.
The reforms include the move towards a more market-determined exchange rate, changes to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The CBN has also stepped up engagement with IMTOs, banks and Nigerian diaspora communities, while strengthening requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.
The strategy is aimed not merely at increasing the amount of money Nigerians abroad send home, but at ensuring that a greater share of those funds enters the country through traceable and formal channels.
That distinction is important for the foreign-exchange market.
Higher formal remittance inflows provide additional foreign-exchange liquidity, improve transparency and strengthen Nigeria’s external financing position, while also supporting households and investment.
The July record therefore represents more than a single month of strong inflows. It provides a measure of the progress being made in the CBN’s broader effort to reshape Nigeria’s remittance market.
Still, the apex bank is cautious about treating the July figure as the finish line.
“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,” Cardoso said.
He added that the CBN expects the improvement in inflows to continue and believes Nigeria can “reach and ultimately sustain monthly inflows above $1 billion.”
With July inflows already at $947 million, the gap to the $1 billion monthly benchmark has narrowed to just $53 million.
The CBN is now looking to build on the momentum by deepening engagement with Nigerian diaspora communities and financial-sector players across major remittance corridors.
Through wider international engagements, the Bank plans to continue working with diaspora groups, IMTOs, banks and other stakeholders to reduce friction in the remittance process, widen access and bring more flows into formal channels.
The immediate challenge, therefore, is no longer simply whether Nigeria can approach the $1 billion mark. It is whether the country can turn the latest surge into a sustained monthly trend.
For the CBN, July has provided its clearest indication yet that the $1 billion ambition is moving from aspiration to reach.
