Nigeria recorded a record $947 million in diaspora remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, according to the Central Bank of Nigeria (CBN).
The July figure represents the highest monthly inflow recorded through formal remittance channels in the country, bringing Nigeria closer to the CBN’s target of $1 billion in monthly remittances.
CBN Governor, Olayemi Cardoso, said the latest figure represented significant progress towards the target set by the apex bank nearly two years ago.
He said, “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.”
The CBN also disclosed that total remittance inflows through IMTOs reached $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase compared with the corresponding period in 2025.
The increase comes amid measures by the apex bank to encourage Nigerians in the diaspora to send money through formal channels and improve transparency in the remittance market.
The July figure leaves the country $53 million short of the CBN’s $1 billion monthly target.
The latest figures highlight the growing role of diaspora remittances as a source of foreign exchange for Nigeria and the increasing volume of funds entering the country through formal channels.
