Nigeria's Remittances Reach $947 Million in July 2026

In July 2026, Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs), the highest monthly amount through formal channels, according to the Central Bank of Nigeria (CBN). This figure brings the country within $53 million of the $1 billion monthly remittance target set by CBN Governor Olayemi Cardoso nearly two years prior.

From January to July 2026, remittances totaled $3.8 billion, reflecting a 50.2% increase compared to the same period in 2025. The CBN has implemented measures to attract more diaspora funds into formal financial channels, including regulatory changes, the introduction of the Non-Resident Bank Verification Number (NRBVN), and requirements for remittance transactions to go through designated settlement accounts.

Cardoso stated that while July's performance is significant, the focus remains on sustaining growth in formal remittances. The CBN aims to deepen engagement with diaspora communities and banks to increase the proportion of funds entering Nigeria through regulated channels.