Nigeria’s remittance inflows through International Money Transfer Operators (IMTOs) rose to a record $947 million in July 2026, bringing the country within striking distance of the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso’s, target of attracting $1 billion in formal remittances every month.
The July inflow is the highest monthly amount recorded through formal remittance channels and represents a significant increase in the flow of diaspora funds into the Nigerian economy.
The CBN said total IMTO inflows reached $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase over the corresponding period in 2025.
The development signals a growing shift of remittance transactions from informal channels to regulated financial institutions, a trend the apex bank has been encouraging as part of its broader foreign exchange reforms.
Cardoso had set the $1 billion monthly remittance target nearly two years ago, with the CBN seeking to make formal channels more attractive to Nigerians in the diaspora and reduce the reliance on informal routes. Commenting on the July figure, Cardoso said the latest performance showed that the target was no longer out of reach.
