Nigeria’s formal remittance inflows rose to a record $947 million in July 2026, bringing the country closer to the Central Bank of Nigeria’s $1 billion monthly target.

The inflows, processed through International Money Transfer Operators (IMTOs), represent the highest monthly amount recorded through formal channels, according to the CBN.

The apex bank also disclosed that Nigeria received $3.8 billion through IMTOs between January and July 2026.

That figure represents a 50.2 per cent increase compared with the corresponding period in 2025.

The latest growth has been linked to reforms introduced by the CBN to improve the attractiveness, transparency and accessibility of formal remittance channels.

Among the measures are changes aimed at creating a more market-driven exchange rate, reforms to IMTO regulations and the introduction of the Non-Resident Bank Verification Number, NRBVN.

The CBN has also intensified engagement with IMTOs, commercial banks and Nigerian communities abroad as part of efforts to increase formal remittance flows.

More recently, the apex bank strengthened requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.

According to the CBN, the rising inflows could have broader benefits for Nigeria’s economy beyond the record monthly figure.

Greater use of formal channels could improve foreign exchange liquidity, increase transparency and support household spending and investment.

It could also strengthen the country’s external financing position.

CBN Governor Olayemi Cardoso said the July figure demonstrated the progress made towards the bank’s earlier remittance ambition.

“When we set a clear ambition to reach $1 billion a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming.

“At $947 million in July, we are now approaching that milestone,” Cardoso said.

The governor, however, cautioned against judging the performance solely on individual monthly figures.

He said the CBN’s priority remained sustaining the broader increase in formal remittance flows rather than focusing on one month’s performance.

Cardoso said the growth recorded during the first seven months of 2026 indicated that the reforms were beginning to influence how Nigerians abroad send money home.

He added that the bank would continue working with diaspora communities and financial-sector stakeholders in major remittance corridors.

The CBN is expected to use engagements in international financial centres to address challenges affecting remittance transactions and improve access to formal channels.

The bank said such efforts would involve continued interaction with diaspora communities, IMTOs, banks and other stakeholders.

According to Cardoso, the objective is to reduce friction within the remittance system and encourage more Nigerians abroad to use regulated channels.

“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.

Cardoso expressed confidence that Nigeria could eventually surpass the $1 billion monthly threshold.

“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above $1 billion,” he added.