Olayemi Cardoso says July’s record formal inflows put Nigeria within reach of the Central Bank’s $1bn monthly remittance target

Nigeria recorded a record $947 million in formal remittance inflows through International Money Transfer Operators in July 2026, Central Bank of Nigeria Governor Olayemi Cardoso said in Abuja on Sunday, August 30, 2026, bringing the country closer to the apex bank’s long-standing $1 billion monthly target.

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The $947m remittance inflows represented the highest monthly figure ever recorded through formal channels, according to Cardoso, who said the development reflected growing confidence in regulated remittance platforms following a series of reforms by the CBN.

“IMTO inflows reached $3.8bn in the first seven months of 2026, 50.2 per cent higher than the same period in 2025, pointing to a significant strengthening in flows through formal channels,” Cardoso said.

The seven-month figure highlights a striking improvement in the volume of diaspora funds entering Nigeria through regulated channels, while also giving the CBN renewed confidence that its $1 billion monthly ambition is within reach.

“When we set a clear ambition to reach one billion dollars a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming,” Cardoso said.

“At 947 million dollars in July, we are now approaching that milestone.”

The governor attributed the rise to reforms designed to make formal remittance channels more competitive, transparent and accessible to Nigerians receiving money from abroad.

Among the measures are a move towards a more market-determined exchange rate, changes to the regulatory framework governing IMTOs and the introduction of the Non-Resident Bank Verification Number, known as NRBVN.

The CBN has also increased engagement with money transfer operators, commercial banks and Nigerian diaspora communities across major remittance corridors.

Cardoso said the bank had more recently strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.

The reforms are intended to encourage more diaspora funds away from informal channels and into the regulated financial system, where inflows can be more accurately captured and contribute to foreign exchange liquidity.

The significance of the latest figures, however, extends beyond the size of the monthly inflow.

Cardoso said stronger formal remittance flows could support household consumption and investment, improve foreign exchange liquidity and transparency, and strengthen Nigeria’s external financing position.

The development also comes as the country continues to contend with foreign exchange pressures and the need to deepen reliable sources of external inflows.

For many Nigerian households, remittances from relatives and friends abroad remain an important source of financial support, while businesses and the wider economy benefit from the foreign currency entering through regulated channels.

Cardoso cautioned against placing too much emphasis on any single month’s performance, noting that remittance flows naturally fluctuate.

“July is an important marker, but our focus is not on a single month. It is on creating the conditions for sustained growth in formal remittances,” he said.

The governor said the CBN would build on the momentum by deepening its engagement with Nigerians in the diaspora, IMTOs, banks and other financial-sector stakeholders.

He said the bank would use engagements in major global financial centres to address barriers affecting remittance transfers and encourage greater participation in formal channels.

“This is to reduce friction, widen access and bring a greater share of remittance flows into formal channels,” Cardoso said.

The CBN’s approach reflects a broader effort to strengthen the formal financial system while making it easier for Nigerians abroad to send money home through regulated institutions.

The $947m remittance inflows recorded in July therefore represent both a notable monthly achievement and a potentially important indicator of the changing dynamics of Nigeria’s diaspora finance.

Cardoso said the bank expected the upward trend to continue as reforms take deeper effect.

“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above one billion dollars,” he said.

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If that trajectory is maintained, Nigeria could soon move beyond simply approaching the CBN’s $1 billion benchmark to establishing a stronger and more sustainable monthly flow of diaspora funds through formal financial channels.