Cardoso: Nigeria Nears $1bn Monthly Remittance Milestone, Inflow Rose to $947m in July

CBN Governor Olayemi Cardoso revealed that Nigeria is approaching its goal of $1 billion in monthly remittance inflows. IMTO inflows, which are a key contributor to these figures, surged to $947 million in July 2026, marking a 50.2% increase compared to the same period in 2025. The July inflow of $947 million is the highest monthly remittance inflow ever recorded through formal channels.

This progress illustrates the effectiveness of reforms undertaken by the Central Bank of Nigeria (CBN) to enhance the competitiveness, transparency, and accessibility of formal remittance channels. The reforms included the adoption of a market-determined exchange rate, changes to the regulatory framework for IMTOs, the introduction of Non-Resident Bank Verification Number (NRBVN), and closer collaboration with IMTOs, banks, and the Nigerian diaspora.

Additionally, CBN has strengthened requirements for remittance transactions to be processed through designated settlement accounts with authorized dealer banks. The significance of these figures lies in their potential to enhance foreign-exchange liquidity, transparency, support households and investments, and strengthen Nigeria's external financing position.

Cardoso emphasized that Nigeria achieved this milestone after setting it as an ambition nearly two years ago, despite skepticism from some quarters. The CBN is now focusing on maintaining this trajectory and enhancing the formal remittance framework further. They plan to deepen their engagement with the Nigerian diaspora communities and relevant financial-sector partners to reduce friction and broaden access to formal channels.

Cardoso concluded by stating that while the July milestone is an important marker, the focus remains on sustained growth in formal remittances. The bank believes that Nigeria can not only reach but also sustain monthly inflows above $1 billion.