Nigeria's Remittances Hit $947M in July 2026, Nearing Target

In July 2026, Nigeria's formal remittance inflows surged to a record $947 million, bringing the country close to the Central Bank of Nigeria's (CBN) ambitious target of $1 billion per month. This figure marks the highest monthly inflow recorded through International Money Transfer Operators (IMTOs), including Western Union and MoneyGram.

From January to July 2026, total remittance inflows through IMTOs reached $3.8 billion, reflecting a 50.2% increase compared to the same period in 2025. CBN Governor Olayemi Cardoso attributed this growth to reforms aimed at making formal remittance channels more competitive and accessible, including a market-determined exchange rate and the introduction of the Non-Resident Bank Verification Number (NRBVN).

The CBN is focused on sustaining this upward trend and plans to engage more with diaspora communities and financial stakeholders to encourage the use of formal channels. Cardoso expressed optimism that Nigeria could surpass the $1 billion monthly threshold in the future.