Nigeria’s foreign exchange market received a major boost in July after formal diaspora remittance inflows climbed to a record $947 million, according to the Central Bank of Nigeria (CBN).
The figure, generated through International Money Transfer Operators (IMTOs), represents the highest monthly inflow recorded through formal channels and leaves the country just $53 million short of the CBN’s $1 billion monthly target.
CBN Governor Olayemi Cardoso said the latest figures demonstrate significant progress in efforts to increase the volume of diaspora funds entering Nigeria through regulated financial channels.
“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. “At US$947 million in July, we are now approaching that milestone.”
The apex bank also disclosed that remittance inflows through IMTOs totalled $3.8 billion between January and July 2026. This represents a 50.2 per cent increase compared with the corresponding period of 2025.
The strong performance comes amid reforms introduced by the CBN to make formal remittance services more transparent, accessible and competitive. The measures are intended to encourage Nigerians abroad to use regulated channels when sending money home.
The development is important for Nigeria because diaspora remittances provide foreign exchange while also supporting households across the country. Funds sent by Nigerians overseas are commonly used for household expenses, education, healthcare, business activities and investment.
For the wider economy, increased formal inflows could improve the visibility of foreign exchange entering the country and strengthen liquidity in the financial system.
The latest figures also represent progress towards the CBN’s broader objective of making remittances a more significant and reliable source of foreign exchange.
However, sustaining the increase will remain the key challenge. A single record month does not guarantee that similar inflows will continue.
With Nigeria now only $53 million away from its $1 billion monthly target, attention will focus on whether the CBN can maintain the momentum and further strengthen formal diaspora remittance channels in the months ahead.
