By Oluwakemi Kindness
Nigeria is now just US$53 million short of the Central Bank of Nigeria’s (CBN) US$1 billion monthly remittance target after formal inflows reached a record US$947 million in July 2026.
The July figure represents the highest monthly remittance inflow ever recorded through formal channels, according to the CBN on Sunday in a statement.
The latest increase brings total remittance inflows through International Money Transfer Operators (IMTOs) to US$3.8 billion in the first seven months of 2026.
That represents a 50.2 per cent increase compared with the same period in 2025.
CBN Governor Olayemi Cardoso had set a target of attracting US$1 billion in monthly remittances through formal channels.
Cardoso said the July figure shows that the target is now within reach.
“When we set a clear ambition to reach US$1 billion a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming. At US$947 million in July, we are now approaching that milestone,” he said.
The CBN attributed the growth to reforms designed to make formal remittance channels more competitive, transparent and accessible.
The reforms include a 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 Bank has also increased engagement with IMTOs, banks and Nigerian diaspora communities.
More recently, it strengthened requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.
The CBN said the increase in formal remittances could improve foreign-exchange liquidity and transparency while supporting household spending and investment.
It also said stronger formal inflows would help improve Nigeria’s external financing position.
Cardoso, however, cautioned against focusing only on the July record.
“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,” he said.
The governor said the CBN expects further improvement and believes Nigeria can *reach and ultimately sustain monthly inflows above US$1 billion*.
The Bank plans to build on the momentum through deeper engagement with Nigerians in the diaspora, IMTOs, banks and other financial-sector stakeholders across major remittance corridors.
