According to the apex bank, IMTO inflows reached $3.8 billion in the first seven months of 2026, 50.2% higher than the same period in 2025, pointing to a significant strengthening in flows through formal channels.
The surge stems from a series of measures implemented by the CBN to render official remittance pathways more competitive, transparent, and accessible. These measures comprise a shift toward a market-driven exchange rate, updates to the regulatory framework for IMTOs, and the rollout of the Non-Resident Bank Verification Number (NRBVN), alongside deeper collaboration with IMTOs, commercial banks, and Nigerian diaspora communities. More recently, the CBN has strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
The importance goes beyond the headline figure. Expanding diaspora transfers through official networks enhances foreign-exchange liquidity and transparency, bolsters families and business investments, and reinforces Nigeria’s external financial standing.
“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,” Governor Cardoso said.
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Although individual monthly numbers will inherently fluctuate, the CBN’s emphasis remains on the broader path and on maintaining the transition toward official channels. The marked growth in transfers documented thus far in 2026 underscores the rising efficacy of interventions intended to make formal remittance routes more competitive, accessible, and clear.
The CBN is capitalizing on this momentum by expanding ties with Nigerian diaspora groups and financial sector partners across major remittance routes. 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.
Governor Cardoso added: “July is an important marker, but our focus is not on a single month. It is on creating the conditions for sustained growth in formal remittances. We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above $1 billion.”
