Nigeria’s remittance inflows through International Money Transfer Operators (IMTOs) rose to a record $947 million in July 2026, bringing the country closer to the $1 billion monthly target set by the Central Bank of Nigeria (CBN). The July figure represents the highest monthly remittance inflow ever recorded through formal channels and marks significant progress towards... The post July Remittances Hit Record $947m, CBN’s $1bn Monthly Target In Sight appeared first on New Telegraph .
Nigeria’s remittance inflows through International Money Transfer Operators (IMTOs) rose to a record $947 million in July 2026, bringing the country closer to the $1 billion monthly target set by the Central Bank of Nigeria (CBN).
The July figure represents the highest monthly remittance inflow ever recorded through formal channels and marks significant progress towards the target announced by CBN Governor, Olayemi Cardoso.
According to the CBN, formal IMTO inflows totalled $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase over the corresponding period in 2025.
The strong growth has been attributed to a series of reforms introduced by the apex bank to make formal remittance channels more competitive, transparent and accessible.
The reforms include the adoption of a more market-determined exchange rate, changes to the regulatory framework governing IMTO operations and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The CBN has also intensified engagement with IMTOs, banks and Nigerian diaspora communities, while strengthening requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
The increase in formal remittance flows is significant for the economy as it enhances foreign exchange liquidity and transparency, supports household consumption and investment, and strengthens Nigeria’s external financing position.
Reflecting on the latest figures, Cardoso said the $1 billion monthly target, which initially appeared ambitious to some observers, was now within reach.
“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 US$947 million in July, we are now approaching that milestone,” he said.
The apex bank, however, cautioned against placing excessive emphasis on individual monthly figures, noting that remittance flows naturally fluctuate.
Rather, it said its focus remained on sustaining the broader upward trajectory and encouraging a greater proportion of diaspora funds to move through formal channels.
The CBN said the sharp increase recorded so far in 2026 demonstrated the growing impact of reforms aimed at improving the competitiveness, accessibility and transparency of formal remittance channels.
To sustain the momentum, the Bank said it would deepen its engagement with Nigerian diaspora communities and financial-sector stakeholders across major remittance corridors.
It added that, through its broader international engagements, it would continue to leverage opportunities in major global financial centres to engage diaspora groups, IMTOs, banks and other stakeholders in efforts to reduce transaction frictions, widen access and channel a greater share of remittances through formal systems.
Cardoso said the July performance should be viewed as an important milestone rather than an end in itself.
“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,” he said.
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