The Central Bank of Nigeria (CBN) has said the country recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July.

The CBN governor, Olayemi Cardoso, said this in a statement by the corporate communications department on Sunday in Abuja.

According Mr Cardoso, the July remittances are the highest monthly inflow ever recorded through formal channels and approaching the one billion dollars monthly target set by Mr Cardoso.

“IMTO inflows reached 3.8 billion dollars in the first seven months of 2026, 50.2 per cent higher than the same period in 2025, pointing to a significant strengthening in flows through formal channels.

“The increase follows a series of reforms by the CBN aimed at making formal remittance channels more competitive, transparent and accessible.

“These include a move to a more market-determined exchange rate, reforms to the regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number (NRBVN),” he noted.

He said that the apex bank also embarked on closer engagement with IMTOs, banks, and Nigerian diaspora communities.

“More recently, the CBN has strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks,” he said.

He noted that the significance extended beyond the headline figure.

According to the CBN governor, increasing diaspora flows through formal channels boosts foreign-exchange liquidity and transparency, supports households and investment, and strengthens Nigeria’s external financing position.

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

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

Mr Cardoso said that while individual monthly figures would naturally vary, the CBN’s focus was on the broader trajectory and on sustaining the shift towards formal channels.

He stated that the significant increase in inflows recorded so far in 2026 pointed to the growing impact of reforms designed to make formal remittance channels more competitive, accessible and transparent.

He added that the CBN was building on this momentum by deepening engagement with Nigerian diaspora communities and financial-sector partners across key remittance corridors.

“As part of its wider international engagements, the Bank will continue to use opportunities in major global financial centres to engage diaspora communities, IMTOs, banks and other stakeholders.

“This is to reduce friction, widen access and bring a greater share of remittance flows into formal 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.

“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above one billion dollars,” he stated. 

(NAN)