Nigeria recorded $3.8 billion in remittance inflows through international money transfer operators (IMTOs) in the first seven months of 2026, representing a 50.2 percent increase compared with the same period in 2025.
Gatekeepers News reports that Central Bank of Nigeria (CBN) disclosed the figure in a statement on Sunday, saying remittance inflows through formal channels continued to strengthen following reforms in the sector.
The apex bank said about $947 million was received in July alone, making it the highest monthly inflow recorded through formal remittance channels so far.
The July figure also brought Nigeria closer to the $1 billion monthly remittance target set by CBN Governor Olayemi Cardoso.
“Total IMTO inflows reached $3.8 billion in the first seven months of 2026, representing a 50.2 percent increase from the same period in 2025,” CBN said.
The bank attributed the growth to reforms designed to make formal remittance channels more competitive, transparent and accessible.
According to CBN, the measures include the move towards a more market-determined exchange rate, reforms to the regulatory framework governing IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The apex bank also said it had strengthened engagement with international money transfer operators, deposit money banks and Nigerian diaspora communities as part of efforts to increase remittance flows through formal channels.
CBN said the rising inflows demonstrate growing confidence in Nigeria’s formal remittance system and could provide additional foreign-exchange liquidity for the economy.
