August 31, 2026
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 Cardo
By Babajide Komolafe
According to the apex bank, IMTO inflows reached $3.8 billion in the first seven months of 2026 — 50.2% 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. 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.
