Nigeria gained a near-record inflow of foreign currency in July, as remittances through International Money Transfer Operators reached $947 million, closing to within $53 million of the Central Bank of Nigeria’s $1 billion monthly target set by Governor Olayemi Cardoso nearly two years ago.
The apex bank said the July figure is the largest monthly total recorded through formal channels and pushed cumulative IMTO inflows to $3.8 billion in the first seven months of 2026, a 50.2% increase on the same period last year. The bank linked the surge to policy changes it has introduced to make official remittance channels more competitive, transparent and accessible.
Among the measures the CBN cites are a shift toward a more market-determined exchange rate, revisions to the regulatory framework for IMTOs, and the rollout of the Non-Resident Bank Verification Number. In March the bank directed all IMTOs to open and maintain naira settlement accounts with authorised dealer banks, a circular dated March 24, 2026 signed by Dr Musa Nakorji shows. The directive formed part of an effort “to enhance diaspora remittances, strengthen transparency, traceability, and effective monitoring of all transactions.”
The bank framed the increase as more than a headline number, saying stronger flows through formal channels can improve foreign exchange liquidity and transparency, support household consumption and investment, and strengthen Nigeria’s external financing position. It also warned that monthly totals can move up and down, and that its priority is sustaining the longer-term upward trend.
Earlier gains this year underpin the July peak. IMTO inflows in the first quarter rose 45% to a record $1.29 billion, from $888.47 million a year earlier. The monthly breakdown shows January at $506.66 million, February at $402.13 million compared with $288.82 million in February 2025, and March at $377.93 million versus $317.60 million a year earlier.
The CBN plans to build on the momentum by deepening engagement with diaspora communities, IMTOs, banks and other stakeholders across key remittance corridors and in major global financial centres, with the stated aim of reducing frictions and shifting a larger share of flows into formal channels.
