CBN Achieves $950M in Diaspora Remittances for July 2026

The Central Bank of Nigeria (CBN) recorded diaspora remittances of $950 million in July 2026, as part of efforts to enhance foreign inflows into the country. CBN has set a target of $1 billion in monthly remittances moving forward.

At a workshop for financial correspondents, CBN Deputy Governor Dr. Muhammad Sani Abdullahi emphasized the need for clearer pricing and reliable trading arrangements in the foreign exchange market, which has undergone significant reforms since June 2023. These reforms included consolidating existing windows and transitioning to a willing-buyer, willing-seller framework, removing restrictions on 43 categories of imports, and settling valid forward claims.

Abdullahi noted that the gap between official and parallel rates had averaged over 60% in 2022 but improved to less than 2% by mid-2023. In total, Nigeria recorded $10.82 billion in inflows in July 2026, with $7.33 billion from autonomous sources and $950 million from remittances through International Money Transfer Operators.