Nigeria logs $947m July remittance inflow, nearing CBN's $1bn monthly target
Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators in July 2026, the highest monthly inflow ever via formal channels and just $53 million shy of the Central Bank’s $1 billion monthly target set nearly two years ago. In the first seven months of 2026, IMTO inflows reached $3.8 billion, a 50.2% increase over the same period in 2025. The CBN attributes the growth to reforms such as a more market‑determined exchange rate, updated IMTO regulations, the Non‑Resident Bank Verification Number, and deeper engagement with IMTOs, commercial banks and diaspora communities. Stronger formal remittances improve foreign‑exchange liquidity, support household consumption and investment, and strengthen Nigeria’s external financing position. While monthly figures may fluctuate, the CBN says the upward trend shows reforms are working and plans to sustain momentum through outreach in global financial hubs. With formal channels becoming more attractive, will you choose IMTOs for your next transfer, or explore how stable forex could affect your business or savings decisions?