Cardoso: Nigeria Nears $1bn Monthly Remittance Milestone as July Inflow Hits $947m
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CBN Governor Olayemi Cardoso says Nigeria is closing in on its target of $1 billion in monthly remittance inflows, after formal channels recorded a record $947 million in July 2026.
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso says Nigeria is closing in on its target of attracting $1 billion in monthly remittance inflows, after inflows through International Money Transfer Operators (IMTOs) rose to a record $947 million in July 2026.
The July figure represents the highest monthly remittance inflow ever recorded through formal channels, and brings the country within touching distance of the $1 billion monthly milestone set by the CBN under Cardoso's leadership. Remittance inflows through IMTOs reached $3.8 billion in the first seven months of 2026, a 50.2 percent increase over the $2.5 billion recorded in the same period of 2025.
"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. At $947 million in July, we are now approaching that milestone," Cardoso said. The CBN attributed the growth to reforms including a more market-determined exchange rate, changes to the regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number.