Nigeria’s Remittance Inflows Hit Record $947m in July, Near CBN’s $1bn Target

By GLEBM News Desk

Nigeria’s formal remittance inflows rose to a record $947 million in July 2026, bringing the country closer to the Central Bank of Nigeria’s target of attracting at least $1 billion monthly through official channels.

The July figure, reported by several Nigerian business publications, represents the highest monthly inflow recorded through International Money Transfer Operators (IMTOs), reflecting a significant increase in diaspora funds entering the country through formal channels.

Data cited by the reports showed that formal remittance inflows reached approximately $3.8 billion between January and July 2026, representing a 50.2 per cent increase compared with the corresponding period in 2025.

The development comes amid reforms by the CBN aimed at strengthening the formal remittance market, improving transparency and encouraging Nigerians abroad to use official channels.

The latest figure places Nigeria only about $53 million short of the CBN’s $1 billion monthly target.

The increase in formal remittances could provide additional support for Nigeria’s foreign exchange liquidity and strengthen the flow of diaspora funds into the domestic economy.

CBN Governor Olayemi Cardoso has previously emphasised the importance of increasing formal remittance inflows as part of efforts to deepen Nigeria’s foreign exchange market and strengthen external buffers.