Nigeria has recorded a record $947 million in formal remittance inflows in July 2026.

The figure was disclosed by the Central Bank of Nigeria (CBN).

It represents the highest monthly remittance inflow recorded through formal channels.

The latest figure puts Nigeria close to the CBN’s $1 billion monthly remittance target.

Remittances Rise by 50.2%

According to the CBN, remittance inflows through International Money Transfer Operators (IMTOs) reached $3.8 billion in the first seven months of 2026.

That represents a 50.2% increase compared with the same period in 2025

The CBN said the growth reflects stronger use of formal remittance channels.

Cardoso Speaks on $1 Billion Target

CBN Governor Olayemi Cardoso said the latest figures show that the country is getting closer to the target.

He said the bank expects the positive trend to continue.

Cardoso also noted that the focus is not only on reaching $1 billion in one month. The goal is to create conditions for sustained growth in formal remittances.

The CBN has introduced several reforms to make formal remittance channels more competitive and accessible.

These include changes to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).

The increase in formal remittances could also support foreign exchange liquidity, household income and investment in Nigeria.

Description:Nigeria records a record $947 million in July remittances as the CBN moves closer to its $1 billion monthly target.