By Jelili Gbadamosi
Nigeria’s formal diaspora 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 CBN disclosed that the July figure, recorded through International Money Transfer Operators, represents the highest monthly remittance inflow ever recorded through formal channels.
The latest performance also reflects a significant increase in remittance flows during the year, with formal inflows reaching $3.8 billion between January and July 2026.
According to the apex bank, the seven-month figure represents a 50.2 per cent increase compared with the corresponding period in 2025.
The CBN attributed the growth partly to reforms introduced to make formal remittance channels more competitive, transparent and accessible to Nigerians in the diaspora.
Among the measures are the adoption of a more market-driven exchange rate, changes to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number.
The apex bank also said it has strengthened requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.
CBN Governor Olayemi Cardoso said the July performance showed that the $1 billion monthly target, which was considered ambitious when introduced nearly two years ago, was now within reach.
Cardoso, however, stressed that the focus should extend beyond achieving a single-month record to sustaining higher remittance inflows over time.
He expressed confidence that Nigeria could eventually achieve and maintain monthly formal remittance inflows above $1 billion.
The CBN said stronger formal remittance flows could improve foreign exchange liquidity and transparency while supporting household income, investment and Nigeria’s external financing position.
