Nigeria’s Remittances Hit Record $947m as Cardoso Closes in on $1bn Monthly Target

Nigeria is moving closer to a milestone the Central Bank of Nigeria (CBN) once described as an ambitious goal, after formal remittance inflows climbed to a record $947 million in July.

The figure, disclosed by CBN Governor Olayemi Cardoso, represents the highest monthly inflow recorded through International Money Transfer Operators (IMTOs). It leaves the country about $53 million short of the $1 billion monthly target the apex bank set nearly two years ago.

Cardoso said the latest numbers showed that the target was becoming increasingly realistic, although he stressed that the CBN's focus was not simply on crossing the $1 billion mark in one month but on creating conditions that would allow Nigeria to sustain inflows at that level.

“When we set a clear ambition to reach US$1 billion a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming,” Cardoso said, according to the CBN statement reported by Nigerian media. “At US$947 million in July, we are now approaching that milestone.”

The July performance also pushed formal remittance inflows for the first seven months of 2026 to $3.8 billion, a 50.2 per cent increase from the $2.5 billion recorded during the corresponding period of 2025. The figures point to a substantial increase in the amount of diaspora money entering the country through regulated channels.

The CBN attributes the improvement to a series of reforms intended to make formal remittance channels more competitive, transparent and accessible. Among them are the move towards a more market-determined exchange rate, changes to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number, or NRBVN.

The bank has also increased its engagement with money-transfer operators, commercial banks and Nigerian diaspora communities, while strengthening requirements around the routing of remittance transactions through designated settlement accounts with authorised dealer banks.

The emphasis on formal channels is important because remittances are more than money sent home by Nigerians living abroad. They provide foreign currency to the economy, support household spending and investment, and can strengthen the country's external financing position. The CBN says bringing more of these flows into regulated channels should also improve transparency and traceability in the foreign-exchange market.

Still, the latest figure should be viewed in context. A single month's record does not guarantee that Nigeria will immediately maintain inflows above $1 billion. The CBN itself acknowledged that monthly figures will naturally fluctuate and said the more important objective was sustaining the broader upward trend.

That distinction matters because the central bank is attempting to change how Nigerians abroad send money into the country, rather than merely produce a temporary spike in official statistics. Its continued engagement with diaspora communities and financial institutions in major remittance corridors is aimed at reducing transaction friction and encouraging funds that might otherwise move through informal channels to enter the regulated system.

For Nigeria, the significance of the $947 million figure therefore extends beyond the $53 million still separating July's performance from the CBN's headline target. If the increase proves durable, a stronger and more predictable stream of formal diaspora dollars could provide an additional source of foreign exchange at a time when the country remains focused on strengthening market liquidity and confidence. The bigger test for Cardoso and the CBN, however, will be whether July's record becomes a new baseline rather than simply a remarkable month.