Nigeria records record $947m monthly diaspora remittance inflow

Nigeria recorded $947 million in diaspora remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, marking the highest monthly inflow ever recorded through formal channels. This figure brings the country closer to the $1 billion monthly target established by Central Bank of Nigeria (CBN) Governor Olayemi Cardoso.

Total formal remittance inflows for the first seven months of 2026 reached $3.8 billion, a 50.2 percent increase compared to the same period in 2025. The CBN attributed this growth to several structural reforms designed to make formal channels more competitive, transparent, and accessible. These measures include the adoption of a market-determined exchange rate, changes to the regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number (NRBVN).

Additionally, the CBN has strengthened requirements for transactions to be routed through designated settlement accounts with authorized dealer banks and increased engagement with diaspora communities. The bank noted that increased formal inflows are expected to improve foreign exchange liquidity, support household investment, and strengthen Nigeria’s external financing position.