Nigeria Nears CBN’s $1bn Monthly Remittance Target as Inflows Hit $947m

Nigeria’s diaspora remittance inflows rose to a record $947 million in July 2026, bringing the Central Bank of Nigeria closer to its $1 billion monthly target and offering some support to the naira.

Data from the apex bank showed that remittance inflows through International Money Transfer Operators (IMTOs) reached $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase compared with the same period in 2025. The figure points to a steady strengthening of remittance flows through formal channels.

CBN Governor Olayemi Cardoso, who had earlier set the $1 billion monthly target, said the bank was now close to achieving the goal it announced nearly two years ago.

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