Nigeria records highest diaspora remittance inflow — CBN

In July 2026, Nigeria recorded a record-breaking $947 million in remittance inflows through formal channels, according to the Central Bank of Nigeria (CBN). This marks the highest monthly inflow ever recorded in the country. The CBN stated that this achievement is a testament to the nation's progress towards the US$1 billion monthly target set by its Governor, Olayemi Cardoso.

Cardoso had expressed his surprise at the achievement, noting that when the goal was set nearly two years ago, some individuals deemed it unrealistic. However, the CBN is now on track to meet the target, as the remittance inflow in July 2026 brings the total to US$3.8 billion for the first seven months of the year. This represents a 50.2% increase compared to the same period in 2025, demonstrating a significant strengthening of formal remittance channels.

The growth in remittance inflows can be attributed to a series of reforms implemented by the CBN. These reforms include the adoption of a more market-determined exchange rate, regulatory reforms for International Money Transfer Operators (IMTOs), the introduction of the Non-Resident Bank Verification Number (NRBNV), and increased collaboration with IMTOs, banks, and the Nigerian diaspora communities.

More recently, the CBN has also tightened requirements for remittance transactions to be routed through designated settlement accounts with authorized dealer banks.

The significance of these remittance inflows extends beyond the monetary value. They boost foreign exchange liquidity and transparency, support households and investment, and strengthen Nigeria's external financing position. Cardoso emphasized that while July marks an important milestone, the focus is on creating conditions for sustained growth in formal remittances. He expressed optimism that Nigeria can reach and maintain monthly inflows above US$1 billion.