Nigeria’s July remittances hit record $947m, nears $1bn goal‎

Diaspora inflows through formal channels just posted their strongest month ever, putting the Central Bank’s ambitious $1 billion target within touching distance.
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‎Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators in July 2026, marking the highest monthly figure ever confirmed through formal channels, Confiance News can report.
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‎Figures obtained by Confiance News show the milestone brings Central Bank of Nigeria Governor Olayemi Cardoso’s long-standing $1 billion monthly target within sight, with IMTO inflows for the first seven months of 2026 reaching $3.8 billion, a 50.2% increase compared to the same period in 2025.
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‎Reforms drive shift to formal channels
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‎The surge follows a string of reforms introduced by the CBN aimed at making formal remittance channels more competitive, transparent and accessible. Confiance News gathered that these measures include a shift to a more market-determined exchange rate, an overhaul of the regulatory framework governing IMTOs, and the rollout of the Non-Resident Bank Verification Number.
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‎The apex bank has also deepened engagement with IMTOs, commercial banks, and Nigerian diaspora communities, while recently tightening requirements for remittance transactions to be routed strictly through designated settlement accounts with authorised dealer banks, according to details sighted by Confiance News.
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‎Cardoso says target once dismissed as a dream
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‎Speaking on the milestone, Governor Cardoso said the ambition once drew skepticism. “When we set a clear ambition to reach US$1 billion a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming. At US$947 million in July, we are now approaching that milestone,” he said, in comments confirmed by Confiance News.
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‎Beyond the headline number
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‎Analysts note the significance of the data extends past the monthly figure itself. Confiance News learned that rising diaspora flows through formal channels are boosting foreign exchange liquidity and transparency, supporting household spending and investment, and strengthening Nigeria’s external financing position.
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‎While the CBN acknowledges monthly figures will naturally fluctuate, the bank’s focus remains on sustaining the broader shift toward formal remittance channels, sources close to the apex bank told Confiance News.
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‎CBN to deepen diaspora engagement
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‎The apex bank said it will continue building on the current momentum by expanding engagement with Nigerian diaspora communities and financial sector partners across major remittance corridors. As part of its global engagement strategy, the CBN plans to use opportunities in major financial centres abroad to engage diaspora communities, IMTOs, and banks, with the goal of reducing transaction friction and widening access to formal channels.
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‎Governor Cardoso reiterated that the bank’s outlook extends beyond any single reporting period. “July is an important marker, but our focus is not on a single month. It is on creating the conditions for sustained growth in formal remittances. We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above US$1 billion,” he said, in remarks obtained by Confiance News.