Nigeria: Nigeria Recorded $3.8bn Remittance Inflows in Seven Months - CBN

What the report says

The Central Bank of Nigeria said the country received $3.8 billion in remittance inflows through international money transfer operators in the first seven months of 2026, according to a report published by Daily Trust and distributed by AllAfrica. The bank said July alone accounted for about $947 million, which it described as the strongest monthly formal inflow so far and one that brought Nigeria closer to a $1 billion monthly target set by CBN Governor Olayemi Cardoso.

In its statement, the CBN said the seven-month total was 50.2% higher than the same period in 2025. It linked the increase to policy changes intended to make formal remittance channels more competitive, transparent and easier to use. The measures cited included a more market-oriented exchange rate, updates to rules for IMTOs, and the rollout of the non-resident bank verification number framework.

The regulator also said it had stepped up coordination with IMTOs, banks and Nigerian diaspora communities, and had tightened requirements that remittance transactions pass through designated settlement accounts with authorised dealer banks. In the bank’s view, stronger formal inflows could support foreign exchange liquidity, improve transparency and help households and the wider economy.

Cardoso said the latest figures suggested Nigeria was moving toward the $1 billion monthly benchmark, while stressing that the broader goal is sustained growth rather than a single strong month.