Nigeria Records $947m July Remittances, Nears $1bn Monthly Target

Nigeria recorded $947 million in formal remittance inflows in July, the Central Bank of Nigeria said, putting the country close to its $1 billion monthly target for money sent home through official channels.

CBN Governor Olayemi Cardoso said the July figure was the highest monthly inflow ever recorded through International Money Transfer Operators. He said inflows reached $3.8 billion in the first seven months of 2026, 50.2 percent higher than the same period in 2025.

The bank linked the increase to reforms in the remittance market, including a more market-led exchange rate, changes to IMTO rules, the Non-Resident Bank Verification Number and tighter routing of remittance transactions through designated settlement accounts with authorised dealer banks.

Cardoso said stronger diaspora inflows could support foreign exchange liquidity, household income and investment, while also improving transparency in the formal market. The July figure suggests the CBN’s push to draw more transfers into official channels is beginning to show in monthly data.

Source: Punch