Nigeria’s Remittances Hit Record $947m in July, Near $1bn Monthly Target

Nigeria’s formal remittance inflows surged to a record $947 million in July 2026, marking the highest monthly amount ever recorded through International Money Transfer Operators (IMTOs), according to the Central Bank of Nigeria (CBN).

The latest figure brings total remittance inflows through formal channels to approximately $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase compared with the corresponding period in 2025.

According to Bush Radio Academy, the July figure places Nigeria closer to the $1 billion monthly remittance target set by CBN Governor, Olayemi Cardoso, as the apex bank intensifies efforts to strengthen formal channels for diaspora money transfers.

The significant increase has been attributed to a series of reforms introduced by the CBN to make formal remittance services more competitive, transparent and accessible to Nigerians receiving funds from abroad.

Among the measures are the adoption of a more market-driven exchange rate, reforms to the regulatory framework governing IMTO operations, the introduction of the Non-Resident Bank Verification Number (NRBVN), and increased engagement with money transfer operators, banks and Nigerian diaspora communities.

Cardoso said the latest figures showed that the country was making substantial progress towards its $1 billion monthly remittance ambition.

He noted that when the target was initially announced nearly two years ago, some people considered it unrealistic, but the $947 million recorded in July demonstrated that Nigeria was now within reach of the milestone.

The CBN, however, stressed that its focus was not solely on achieving a record in one month but on sustaining long-term growth in formal remittance inflows.

The apex bank said stronger remittance flows through regulated channels could improve foreign exchange liquidity and transparency, support households and investments, and strengthen Nigeria’s external financing position.

As part of its reforms, the CBN directed all IMTOs to establish naira settlement accounts with authorised dealer banks and ensure that remittance transactions are routed through the designated accounts.

The directive, which took effect on May 1, 2026, means recipients of international remittances are paid in naira rather than receiving dollar payments directly, while the transactions remain subject to greater regulatory oversight.

The apex bank explained that the policy was designed to improve transparency, traceability and monitoring of foreign exchange flows associated with international money transfers.

IMTOs are permitted to use existing settlement accounts or open new ones and may maintain multiple accounts across different authorised dealer banks, subject to regulatory requirements.

The CBN also instructed operators to disclose their designated settlement accounts to its Trade and Exchange Department and provide updates whenever changes occur.

To promote efficiency in the foreign exchange market, authorised dealer banks may process foreign currency transfers from IMTO settlement accounts to other authorised dealers and approved participants, including Bureau de Change operators.

The CBN further directed IMTOs to use real-time market prices from Bloomberg’s BMatch platform as a reference when determining exchange rates for transactions with customers and authorised dealers.

The regulator said the measure would promote better price discovery, reduce information gaps and encourage greater participation in the official foreign exchange market.

The apex bank also reminded IMTOs of their obligations under anti-money laundering, counter-terrorism financing and counter-proliferation financing regulations, while requiring operators to maintain adequate transaction records for audits and regulatory reviews.

Cardoso maintained that July’s record was only one step in the broader objective of transforming Nigeria’s formal remittance market.

He expressed confidence that continued reforms and stronger engagement with Nigerians abroad, IMTOs, banks and other stakeholders would help reduce barriers and attract a greater share of diaspora funds into regulated channels.

The CBN governor said the country could eventually surpass and sustain monthly remittance inflows of $1 billion as the reforms continue to take effect.

The latest measures build on revised guidelines introduced by the CBN in January 2024 for the licensing and operation of international money transfer services in Nigeria, reflecting the regulator’s broader effort to strengthen foreign exchange inflows and improve the integrity of the financial system.