Nigeria's Remittance Inflows Reach $947M in July 2026

In July 2026, Nigeria achieved $947 million in remittance inflows via International Money Transfer Operators (IMTOs), the highest monthly inflow recorded through formal channels, approaching the Central Bank of Nigeria's (CBN) target of $1 billion. For the first seven months of 2026, total IMTO inflows reached $3.8 billion, a 50.2% increase compared to the same period in 2025.

This growth is attributed to reforms by the CBN aimed at enhancing the competitiveness, transparency, and accessibility of formal remittance channels. Key reforms include the adoption of a market-determined exchange rate, regulatory framework adjustments for IMTOs, and the introduction of the Non-Resident Bank Verification Number (NRBVN).

CBN Governor Olayemi Cardoso stated that while monthly figures may fluctuate, the focus remains on sustaining growth in formal remittances. The CBN plans to deepen engagement with diaspora communities and financial-sector partners to further increase remittance flows into formal channels.