Nigeria is moving closer to a major milestone in diaspora remittances, with $3.8 billion received through international money transfer operators (IMTOs) between January and July 2026.
The Central Bank of Nigeria (CBN) said the figure represents a 50.2 percent increase from the corresponding period in 2025, pointing to stronger remittance activity through formal channels.
July produced the strongest monthly result so far. Nigerians abroad sent about $947 million through IMTOs, the highest monthly inflow recorded through formal channels and just $53 million below the $1 billion monthly target set by CBN Governor Olayemi Cardoso nearly two years ago.
“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,” Cardoso said.
“At $947 million in July, we are now approaching that milestone.”
The improvement follows a series of measures by the apex bank to make formal remittance channels more competitive, transparent and accessible.
Among the reforms are 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 (NRBVN).
The CBN has also strengthened engagement with IMTOs, banks and Nigerian diaspora communities across major remittance corridors. More recently, it tightened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
According to the apex bank, greater use of formal channels could strengthen foreign exchange liquidity and transparency while supporting households, investment and Nigeria’s external financing position.
The CBN said it will continue working with diaspora communities, IMTOs, banks and other financial-sector stakeholders to reduce transaction frictions and encourage more remittances through official channels.
For Cardoso, the July result is significant, but the larger objective is to build a system capable of maintaining higher inflows.
“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,” he said.
The governor added that the CBN “expects to keep seeing improvement and believes Nigeria can reach and ultimately sustain monthly inflows above $1 billion”.
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