Nigeria's formal diaspora remittance inflows rose to $947 million in July, the highest monthly figure on record and the closest the country has come to the Central Bank of Nigeria's target of $1 billion a month through formal channels.
CBN Governor Olayemi Cardoso set the $1 billion target in 2024, when formal inflows averaged far lower levels. Bank data show Nigeria recorded only $282.61 million in direct foreign exchange remittances in the first quarter of that year. Monthly inflows have since climbed from roughly $250 million to $600 million, and now to $947 million in July.
Cardoso attributed the growth to a series of reforms, including the shift to a market-determined foreign exchange regime, changes to the regulatory framework for International Money Transfer Operators, the introduction of the Non-Resident Bank Verification Number, and closer engagement with banks and diaspora communities. IMTO inflows totalled $3.8 billion between January and July 2026, a 50.2 percent increase over the same period last year, according to CBN figures.
"We are now approaching that milestone," Cardoso said of the $1 billion target, adding that the bank's focus remains on sustaining the shift toward formal channels rather than any single month's figure.
Nigeria remains one of the largest recipients of diaspora remittances in sub-Saharan Africa, accounting for 38 percent of the region's $58 billion in inflows in 2023. Whether the July figure holds as a trend or proves a one-off peak will depend on how competitive formal channels stay against the parallel market, where the naira continues to trade at a premium to the official rate.
