Nigeria recorded a record $947 million in diaspora remittances in July 2026, marking the highest monthly inflow ever processed through formal International Money Transfer Operators (IMTOs), according to the Central Bank of Nigeria (CBN).
The latest figure brings Nigeria significantly closer to the $1 billion monthly remittance target set by CBN Governor Olayemi Cardoso.
CBN data showed that remittance inflows through IMTOs reached about $3.8 billion between January and July 2026, representing a 50.2 per cent increase compared with the corresponding period in 2025.
The apex bank attributed the growth to a number of reforms aimed at making official remittance channels more attractive, transparent and accessible to Nigerians living abroad.
Among the measures are changes to the foreign exchange market, reforms to the regulatory framework governing IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The CBN has also increased engagement with money transfer operators, commercial banks and Nigerian communities in the diaspora while strengthening requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.
Governor Cardoso described the July figure as an important milestone, noting that the country was getting closer to the $1 billion monthly benchmark.
He said the objective was not simply to achieve the target once, but to establish conditions that would allow formal remittance inflows to remain strong over the long term.
Growing remittances could provide several benefits to the Nigerian economy, including improved foreign exchange liquidity, greater transparency in inflows and additional financial support for households receiving money from relatives abroad.
The development also highlights the increasing importance of Nigerians in the diaspora to the country’s external financing position.
With July’s inflow reaching $947 million, attention will now turn to whether Nigeria can cross the $1 billion monthly mark and sustain that level in the months ahead.
