CBN Reveals Nigeria's Formal Channels Attract Record $947 Million Diaspora Funds

The Central Bank of Nigeria (CBN) has announced a significant milestone, reporting that Nigeria received $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026. This figure represents the highest monthly inflow ever recorded via official channels, indicating considerable progress towards the $1 billion monthly target set by CBN Governor Olayemi Cardoso.

Over the first seven months of 2026, total IMTO inflows reached an impressive $3.8 billion. This marks a substantial 50.2 percent increase compared to the corresponding period in 2025, confirming a notable shift by the Nigerian diaspora towards utilizing formal remittance avenues.

This surge is attributed to a series of key regulatory interventions implemented by the CBN, aimed at enhancing the transparency, accessibility, and competitiveness of official remittance platforms. The apex bank outlined these measures, stating: "These include a move to a more market-determined exchange rate, reforms to the regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number, NRBVN, alongside closer engagement with IMTOs, banks and Nigerian diaspora communities."

In addition, the central bank recently tightened requirements, mandating that all remittance transactions must now pass through designated settlement accounts with authorized dealer banks.

Beyond this record-breaking achievement, the CBN highlighted that directing more diaspora funds through formal channels provides multiple benefits. It significantly boosts foreign exchange liquidity, improves market transparency, supports household consumption and investment, and ultimately strengthens the nation's broader external financing position.

Reflecting on this milestone, Governor Cardoso commented, "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. We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above US$1 billion."