Abuja, Aug. 31, 2026 – Nigeria recorded $947 million in foreign exchange remittances through the International Money Transfer Operators (IMTOs) in July 2026.
The Central Bank of Nigeria (CBN) announced this on Sunday.
It said the amount represents the highest monthly remittance inflow ever recorded through formal channels and was very close to the $1 billion monthly target it recommended.
The CBN said the foreign exchange inflows through the IMTO reached $3.8 billion in the first seven months of 2026, 50.2 per cent higher than the same period in 2025
It said the increase was due to series of its reforms to make formal remittance channels more competitive, transparent and accessible.
These included 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), as well as closer engagement with IMTOs, banks, and Nigerian diaspora communities.
“When we set a clear ambition to reach $1 billion a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming. At $947 million in July, we are now approaching that milestone,” it said.
CBN said the July performance should be viewed as an important milestone in a longer-term strategy to institutionalise stronger remittance inflows.
“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,” the apex bank said.