Nigeria’s remittances hit record $947 million in July, near CBN’s $1 billion target
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. The post Nigeria’s remittances hit record $947 million in July, near CBN’s $1 billion target appeared first on Nairametrics .
Nigeria's remittances hit a record $947 million in July 2026, falling short of the Central Bank of Nigeria's ($1 billion) target. The CBN reported a 50.2% increase in remittance inflows through International Money Transfer Operators (IMTOs) compared to the same period in 2025, with a total of $3.8 billion recorded in the first seven months of 2026.
The increase is attributed to reforms aimed at improving the competitiveness, transparency, and accessibility of official remittance channels, including the move to a market-determined exchange rate, changes in the regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number (NRBN).
Brief written by urgent.news from Nairametrics's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
