Remittance Inflows Surge 50% To $3.8bn In Seven Months—CBN

Nigeria’s formal remittance inflows surged by 50.2 per cent to $3.8bn in the first seven months of 2026, with monthly inflows hitting a record $947m in July, the Central Bank of Nigeria (CBN) has said.

The July figure, the highest monthly inflow ever recorded through formal channels, brings Nigeria within sight of the $1bn monthly remittance target set by CBN Governor, Olayemi Cardoso.

The latest figures indicate a significant increase in the flow of diaspora funds through International Money Transfer Operators (IMTOs), following reforms introduced by the apex bank to make formal remittance channels more competitive, transparent and accessible.

The CBN said the reforms include the move towards a more market-determined exchange rate, changes to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).

The apex bank has also intensified engagement with IMTOs, commercial banks and Nigerian diaspora communities to encourage more remittance transactions through formal channels.

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

The increase in formal remittances has implications beyond the headline figures, particularly for Nigeria’s foreign exchange market.

Higher inflows through regulated channels can improve foreign exchange liquidity and transparency, while providing households with funds for consumption, education, healthcare and investment.

The inflows also strengthen Nigeria’s external financing position by increasing the supply of foreign currency outside oil-related receipts.

Reacting to the latest figures, Cardoso said the July performance showed that the CBN’s $1bn monthly target was becoming increasingly attainable.

“When we set a clear ambition to reach $1bn a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming. At $947m in July, we are now approaching that milestone,” he said.

The CBN, however, cautioned that the July figure should be viewed as part of a broader trend rather than as an indication that every subsequent month would necessarily record the same level of inflows.

According to the apex bank, the focus remains on sustaining the growth in formal remittances and ensuring that more diaspora funds are channelled through regulated financial institutions.

It said the 50.2 per cent increase recorded in the first seven months of 2026 points to the growing impact of reforms introduced to improve the competitiveness, accessibility and transparency of formal remittance channels.

The CBN said it was building on the momentum by deepening engagement with Nigerian diaspora communities and financial-sector stakeholders across major remittance corridors.

The bank said it would continue to use engagements in major global financial centres to work with diaspora groups, IMTOs, banks and other stakeholders to identify and eliminate bottlenecks affecting remittance flows.

The objective, it said, is to reduce friction in remittance transactions, widen access to formal channels and encourage a greater proportion of diaspora funds to enter Nigeria through regulated channels.

Cardoso said the CBN’s objective was not simply to achieve the $1bn monthly mark but to make higher inflows sustainable.

“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 $1bn,” he said.