Nigeria’s Diaspora Inflows Reach Record $947m, Near CBN $1bn Goal
Inflows of remittances through International Money Transfer Operators (IMTOs) increased to a record $947 million in July 2026, pushing Nigeria closer to the $1 billion monthly target set by the Central Bank of Nigeria (CBN).
The July inflow is the largest monthly remittance ever recorded via formal channels and brought total IMTO inflows in the first seven months of 2026 to $3.8 billion.
The figure is 50.2 percent higher than the amount recorded during the same period in 2025, showing a significant rise in remittances coming through formal channels.
Reacting to the development, the CBN Governor, Olayemi Cardoso, said the latest figures indicated that the target set nearly two years ago was now in sight.
“When we made a clear ambition to reach US$1 billion a month in remittance inflows through formal channels almost two years ago, some people thought we were dreaming. “We are now close to that milestone which was US$947 million in July,” Cardoso said.
The increase comes after a series of reforms introduced by the apex bank to make the formal remittance channels more competitive, transparent and accessible.
The reforms include a move to a more market-determined exchange rate, changes to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
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The CBN has also intensified its engagement with IMTOs, banks and Nigerian diaspora communities and recently mandated that remittance transactions should be routed through designated settlement accounts with authorized dealer banks.
The apex bank says the rise in formal remittance inflows is more than the headline figures as more diaspora funds help boost foreign exchange liquidity and transparency, and support households and investment.
The development, the CBN said, also strengthens the country’s external financing position and reflects the growing impact of reforms targeted at formalizing remittance flows.
“Continued engagement with the Nigerian diaspora communities and financial sector partners across key remittance corridors remains a priority for the bank,” said Cardoso.
He said the CBN would leverage engagements in major financial centers around the world to work with the diaspora communities, IMTOs, banks and other stakeholders to remove bottlenecks and encourage more remittance flows through formal channels.
“July is a big milestone but we’re not looking at one month. It is about creating conditions for sustained growth in formal remittance flows.
The CBN governor added: “We expect to continue to see improvement and have confidence that Nigeria can achieve and ultimately sustain monthly inflows above US$1 billion.”
