Nigeria Remittance Inflows Hit Record $947 Million in July

Nigeria recorded record remittance inflows of $947 million through International Money Transfer Operators in July 2026. This figure brings the country close to the $1 billion monthly target established by the Central Bank of Nigeria. Total inflows for the first seven months of 2026 reached $3.8 billion, representing a 50.2% increase over the $2.5 billion recorded during the same period in 2025.

Governor Olayemi Cardoso attributed the growth to reforms aimed at increasing transparency and competitiveness in formal channels. These measures include the adoption of a market-determined exchange rate, updated regulatory frameworks for operators, and the introduction of the Non-Resident Bank Verification Number.

The central bank intends to sustain this growth by deepening engagement with global financial partners and diaspora communities to reduce friction and increase foreign-exchange liquidity.