Ayomide Awe
Nigeria recorded $3.8bn in diaspora remittance inflows through international money transfer operators in the first seven months of 2026, representing a 50.2 per cent increase over the corresponding period in 2025.
The Central Bank of Nigeria disclosed this in a statement on Sunday, saying remittance inflows through formal channels rose significantly as reforms in the foreign exchange and remittance sectors began to yield results.
The apex bank said $947m was received through International Money Transfer Operators in July alone, describing the figure as the highest monthly inflow recorded through formal channels.
The July performance puts Nigeria closer to the $1bn monthly remittance target set by the CBN Governor, Olayemi Cardoso.
The CBN attributed the growth to measures designed to make formal remittance channels more competitive, transparent and accessible to Nigerians in the diaspora.
Among the reforms, the bank listed the move towards a more market-determined exchange rate, changes to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number.
The apex bank also said it had strengthened engagement with IMTOs, commercial banks and Nigerian diaspora communities to improve the flow of funds through formal channels.
It added that requirements had recently been strengthened to ensure that remittance transactions were routed through designated settlement accounts with authorised dealer banks.
According to the CBN, increased remittance inflows through formal channels could strengthen foreign exchange liquidity and transparency while providing support for households, investment and the country’s external financing position.
The bank said it would continue to engage stakeholders across major remittance corridors to reduce transaction barriers and encourage Nigerians abroad to use formal channels.
Reacting to the latest figures, Cardoso said the $947m recorded in July showed that Nigeria was within reach of the $1bn monthly target.
He said the target, which was announced nearly two years ago, had initially appeared ambitious to some observers.
Cardoso, however, stressed that the CBN’s objective was not merely to achieve the milestone in one month but to establish conditions that would sustain strong remittance inflows.
The governor said the apex bank expected further improvement and expressed confidence that Nigeria could achieve and sustain monthly formal remittance inflows above $1bn.
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