Nigeria's monthly remittance inflows hit a record $947 million in July 2026, nearing the CBN's $1 billion target.
TL;DR
The Central Bank of Nigeria (CBN) announced that formal diaspora remittance inflows through International Money Transfer Operators (IMTOs) reached a record high of $947 million in July 2026.
Total remittances for the first seven months of 2026 rose 50.2% year-on-year to $3.8 billion, driven by foreign exchange reforms, regulatory adjustments, and the introduction of the Non-Resident Bank Verification Number (NRBVN).
Intelligence
On March 24, 2026, the CBN directed all IMTOs to open and maintain naira settlement accounts with authorized dealer banks to enhance tracking, transparency, and liquidity in the foreign exchange market.
The historic remittance surge signals that the Central Bank of Nigeria's policy reforms, specifically moving toward a market-determined exchange rate are successfully routing diaspora capital away from informal parallel markets into formal channels.
For Nigerian commercial banks and local fintech operators, this influx will likely boost foreign exchange liquidity and lower transaction friction over the next two quarters.
The key test will be whether the CBN can sustain these volumes through its planned diaspora engagements in global financial hubs, rather than seeing them dip due to seasonal fluctuations.
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