Nigeria hits record $947m monthly remittances, nears $1bn target – CBN 

Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly inflow ever recorded through formal channels and approaching the $1 billion monthly target set by Central Bank of Nigeria (CBN) Governor Olayemi Cardo By Babajide Komolafe According to the apex bank, IMTO inflows reached $3.

As part of its wider international engagements, the Bank will continue to use opportunities in major global financial centres to engage diaspora communities, IMTOs, banks and other stakeholders to reduce friction, widen access and bring a greater share of remittance flows into formal channels.“When we set a clear ambition to reach $1 billion a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming.