The Central Bank of Nigeria says the country recorded $947m in remittance inflows through International Money Transfer Operators in July.
The Governor of the CBN, Olayemi Cardoso, said this in a statement by the bank’s Corporate Communications Department on Sunday in Abuja.
According to Cardoso, the July remittances were the highest monthly inflow ever recorded through formal channels and approached the $1bn monthly target set by the CBN.
“IMTO inflows reached $3.8bn in the first seven months of 2026, 50.2 per cent higher than the same period in 2025, pointing to a significant strengthening in flows through formal channels.
“The increase follows a series of reforms by the CBN aimed at making formal remittance channels more competitive, transparent and accessible.
