Diaspora Remittances Surge as Nigeria Records $947m in July – CBN

Nigeria’s diaspora remittances rose to a record $947 million in July, bringing the country within reach of the Central Bank of Nigeria’s $1 billion monthly target for formal inflows.

The CBN Governor, Olayemi Cardoso, disclosed this on Sunday in Abuja, saying the July figure was the highest monthly remittance inflow ever recorded through International Money Transfer Operators (IMTOs).

He said the development reflected the growing impact of reforms introduced by the apex bank to make formal remittance channels more competitive, transparent and accessible.

According to Cardoso, remittance inflows through IMTOs totalled $3.8 billion between January and July 2026, representing a 50.2 per cent increase over the $2.5 billion recorded during the corresponding period of 2025.

The CBN governor said the increase followed a series of measures, including the 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 apex bank has also stepped up its engagement with money transfer operators, commercial banks and Nigerian diaspora communities in major remittance corridors.

Cardoso said the CBN had, more recently, strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.

Beyond the record monthly figure, the governor said the increase in formal remittances had wider implications for the Nigerian economy.

He said higher inflows would improve foreign exchange liquidity and transparency, while providing support for households and investment and strengthening the country’s external financing position.

“When we set a clear ambition to reach one billion dollars a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming,” Cardoso said.

“At 947 million dollars in July, we are now approaching that milestone.”

Cardoso said the CBN was, however, more interested in sustaining the upward trend than in the performance of any single month, noting that remittance figures could fluctuate.

He said the strong growth recorded in the first seven months of the year demonstrated the growing impact of efforts to move more remittance transactions into formal channels.

The governor said the bank would continue working with diaspora communities, IMTOs, banks and other stakeholders to remove barriers and make formal remittance services easier to access.

“As part of its wider international engagements, the Bank will continue to use opportunities in major global financial centres to engage diaspora communities, IMTOs, banks and other stakeholders,” he said.

According to him, the engagement would focus on reducing friction in remittance transactions, widening access and bringing a greater share of diaspora inflows into the formal financial system.

“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,” Cardoso said.

He expressed confidence that Nigeria would cross the $1 billion monthly threshold and eventually sustain inflows above that level.

“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above one billion dollars,” he said.