CBN Reports $950 Million in Diaspora Remittances for July
The Central Bank of Nigeria (CBN) reported that Nigerians living abroad sent $950 million in diaspora remittances through International Money Transfer Operators (IMTOs) in July 2026. This figure is part of the CBN's strategy to attract $1 billion in monthly remittance inflows, highlighting the significance of these funds for Nigeria's foreign exchange supply.
Dr Muhammad Sani Abdullahi, CBN Deputy Governor for Corporate Services, shared these statistics during a workshop for financial correspondents. He noted that total foreign exchange inflows reached $10.82 billion in July, with $7.33 billion, or nearly 68%, sourced from autonomous means.
The CBN's reforms, initiated in June 2023, aim to enhance market transparency and predictability, including consolidating FX windows and adopting a willing-buyer, willing-seller framework. These changes have significantly reduced the gap between official and parallel exchange rates, improving the reliability of pricing for businesses.
As of September 11, 2026, Nigeria's gross foreign exchange reserves stood at $55.60 billion.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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