Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly inflow ever recorded through formal channels and approaching the $1 billion monthly target set by Central Bank of Nigeria (CBN) Governor Olayemi Cardoso.
IMTO inflows reached $3.8 billion in the first seven months of 2026, 50.2 percent higher than the same period in 2025, pointing to a significant strengthening in flows through formal channels.
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The increase follows a series of reforms by the CBN aimed at making formal remittance channels more competitive, transparent and accessible. These include a move to a more market-determined exchange rate, reforms to the regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number (NRBVN), alongside closer engagement with IMTOs, banks, and Nigerian diaspora communities. More recently, the CBN has strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
The significance extends beyond the headline figure. Increasing diaspora flows through formal channels boosts foreign-exchange liquidity and transparency, supports households and investment, and strengthens Nigeria’s external financing position. Related News 2027: Hamzat, Sani, Alia, Yusuf face crowded fields as INEC release states list Tinubu moves to block release of FBI, DEA records Reform without relief: Tinubu's 2027 bid under threat as hardship fuels populism
