The Central Bank of Nigeria (CBN) has reported that remittance inflows through international money transfer operators rose to $3.8 billion between January and July 2026, marking a 50.2 percent increase compared with the same period in 2025. July recorded the highest monthly inflow through formal channels at approximately $947 million, bringing Nigeria closer to Governor Olayemi Cardoso’s $1 billion monthly target.
The CBN attributed the growth to reforms designed to make formal remittance channels more transparent, competitive and accessible. These measures include a more market-driven exchange rate, updated regulations for international money transfer operators, the introduction of the Non-Resident Bank Verification Number and stronger collaboration with banks, IMTOs and Nigerians in the diaspora.
The apex bank also said remittances must increasingly pass through designated settlement accounts with authorized dealer banks. It believes higher formal inflows will improve foreign-exchange liquidity, support households and investment, and strengthen Nigeria’s external financial position.
Cardoso said the July figure demonstrated significant progress but stressed that the CBN’s objective was to achieve sustained monthly inflows above $1 billion, rather than rely on a single record month.
