The Central Bank of Nigeria says remittance inflows through International Money Transfer Operators rose to 947 million dollars in July, the highest monthly figure ever recorded through formal channels.
CBN Governor, Olayemi Cardoso, disclosed this in a statement issued by the bank's Corporate Communications Department in Abuja on Sunday.
Cardoso said the July figure brought total remittance inflows through formal channels to 3.8 billion dollars in the first seven months of 2026, representing a 50.2 per cent increase compared with the same period in 2025.
He said the July inflow was close to the CBN's target of one billion dollars in monthly remittances through formal channels. According to him, the increase followed reforms introduced by the apex bank to make formal remittance channels more competitive, transparent and accessible.
The CBN Governor said the increase in formal remittance flows would boost foreign exchange liquidity and transparency, support households and investment, and strengthen Nigeria's external financing position.
Source: Nairametrics