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🇳🇬 Nigeria /Economy & Trade

Nigeria Nears $1 Billion in Monthly Remittances as July Inflows Reach Record $947 Million

From ThisDay · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement Ongoing story
  • Nigeria received a record $947 million in formal remittance inflows through International Money Transfer Operators in July 2026.
  • Inflows reached $3.8 billion in the first seven months of the year, up 50.2% from the same period in 2025.
  • Central Bank Governor Olayemi Cardoso attributed the increase to reforms intended to make formal remittance channels more competitive and accessible.

Nigeria’s formal remittance inflows came within sight of a target that once appeared distant. International Money Transfer Operators brought in a record $947 million in July, leaving the country just short of the Central Bank of Nigeria’s goal of $1 billion a month.

The July figure lifted formal inflows for the first seven months of 2026 to $3.8 billion. That represents a 50.2% increase from the $2.5 billion recorded during the corresponding period of 2025.

Governor Olayemi Cardoso said the bank set the monthly ambition nearly two years ago, when some observers thought it was unrealistic. “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,” he said.

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.

— Olayemi CardosoThe Central Bank of Nigeria governor described the record July inflow as evidence that the monthly target is within reach.

The central bank linked the rise to reforms including a more market-determined exchange rate, changes to IMTO regulation and the introduction of the Non-Resident Bank Verification Number. It has also increased engagement with money-transfer firms, banks and Nigerian diaspora communities, while requiring remittance transactions to pass through designated settlement accounts at authorised dealer banks.

Cardoso cautioned that monthly figures will fluctuate and said the focus is on sustaining growth through formal channels. “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 bank plans further engagement with diaspora communities and financial-sector partners in major remittance corridors.

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.

— Olayemi CardosoCardoso said the bank wants to sustain the broader increase rather than focus only on one month’s figure.
About this summary

Originally published by ThisDay in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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