Nigeria’s diaspora community sent a record $947 million through formal money transfer channels in July 2026, according to new figures released by the Central Bank of Nigeria.
The record-breaking monthly inflow represents the strongest performance ever recorded through International Money Transfer Operators and signals a major improvement in the use of formal channels for sending money into the country.
The July performance also puts Nigeria within reach of the CBN’s long-standing ambition of achieving $1 billion in monthly formal remittance inflows.
Figures from the apex bank indicate that Nigeria received approximately $3.8 billion during the first seven months of 2026. This represents a 50.2 per cent rise compared with the same period last year.
The CBN linked the improvement to reforms designed to strengthen Nigeria’s formal remittance market. These include foreign exchange reforms, changes to IMTO regulations and the introduction of the Non-Resident BVN system.
The apex bank has also tightened settlement procedures, requiring remittance transactions to be channelled through designated accounts with authorised dealer banks.
According to the CBN, the reforms are intended to make the formal system more competitive while improving transparency and increasing confidence among Nigerians abroad and international money transfer companies.
Cardoso said the latest result showed that the country’s $1 billion monthly target was becoming increasingly achievable.
However, he stressed that the ultimate goal was to build a sustainable remittance system rather than celebrate a single record month.
Higher formal remittance inflows are significant for Nigeria because they can increase foreign exchange liquidity, support families receiving funds from relatives overseas and contribute to the country’s broader external financing position.
If the current trend continues, Nigeria could soon cross the $1 billion monthly threshold and potentially maintain inflows above that level.
