Nigeria pulled in $3.8 billion in diaspora remittances through international money transfer operators in the first seven months of 2026, the Central Bank of Nigeria said, with July alone accounting for about $947 million.
The July haul was the strongest monthly flow recorded through formal channels so far this year and puts the country within striking distance of the $1 billion monthly target set by CBN Governor Olayemi Cardoso. Total IMTO inflows for the seven-month stretch were 50.2 percent higher than in the same period of 2025, according to a statement issued on Sunday.
The apex bank traced the surge to reforms meant to make official remittance routes more competitive, clearer and easier to use. Those steps include a more market-determined exchange rate, a revised rulebook for money transfer operators, and the non-resident bank verification number. Officials also said they had deepened talks with IMTOs, banks and Nigerian communities abroad, and had tightened rules so remittance deals settle through designated accounts at authorised dealer banks.
Larger inflows through formal channels, the CBN noted, could ease foreign exchange liquidity, lift transparency, support households and investment, and shore up Nigeria’s external financing position. The bank said it would keep working with the diaspora, transfer firms, lenders and other players along major corridors to cut friction and keep more money inside the official system.
Cardoso said the latest numbers show the $1 billion monthly goal is no longer out of reach. When that ambition was set nearly two years ago, he recalled, some people thought it was a dream. At $947 million in July, he said, the country is now approaching that mark. He stressed that one strong month is not the end of the story. The real work, he added, is building conditions for lasting growth, with the bank expecting further gains and believing Nigeria can reach, and then hold, monthly inflows above $1 billion.
CBN will continue pushing formal channels as the preferred path for diaspora transfers.
