Nigeria records $947m remittance inflows, nears $1bn monthly target

Nigeria recorded $947 million in remittance inflows through the International Money Transfer Operators (IMTOs) in July 2026.

The figure remains the highest monthly inflow ever recorded through formal channels and approaching the $1 billion monthly target set by the Central Bank of Nigeria (CBN) Governor Olayemi Cardoso.

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 increase follows a series of reforms by the CBN aimed at making formal remittance channels more competitive, transparent and accessible.

These include a move to a more market-determined exchange rate, reforms to the regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number (NRBVN), alongside closer engagement with IMTOs, banks, and Nigerian diaspora communities.

More recently, the CBN strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.

The significance extends beyond the headline figure while  increasing diaspora flows through formal channels, boosts foreign-exchange liquidity and transparency, supports households and investment, and strengthens Nigeria’s external financing position.

“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.

While individual monthly figures will naturally vary, the CBN’s focus is on the broader trajectory and on sustaining the shift towards formal channels.

The significant increase in inflows recorded so far in 2026 points to the growing impact of reforms designed to make formal remittance channels more competitive, accessible and transparent.

The CBN is building on this momentum by deepening engagement with Nigerian diaspora communities and financial-sector partners across key remittance corridors.

As part of its wider international engagements, the Apex 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.”

Flashback

Between 2015 and 2023, Nigeria ran a segmented FX market with several concurrent windows, the CBN official rate, the Investors’ & Exporters’ (I&E) window (introduced 2017), and the parallel/black market.

Multiple exchange rates signalled a dysfunctional economy, and investor confidence both foreign and domestic was eroded, inducing FX volatility.

The wide gap between the official and parallel rates created a strong incentive for Nigerians abroad to bypass banks and IMTOs entirely and send money through informal/black-market channels, where they got a better naira rate.

This meant a large share of diaspora inflows never showed up in official CBN figures even though official remittance inflows already stood at $20.9 billion in 2022.

Due to the disparity, Nigeria missed out on a potential N6.2 trillion in 2022 due to its inflexible FX regime.

The situation dragged down the country’s net FX reserves to roughly $3 billion as at September 2023.

Thus, on June 14, 2023, the government announced consolidation of the FX market, letting market forces (I&E window) determine pricing. The CBN formally unified rates on October 12, 2023, adopting a “willing buyer, willing seller” model, collapsing the old segments into what is now the Nigerian Foreign Exchange Market (NFEM), reducing arbitrage and improving transparency.

…Marine, blue economy revenue rises

Meanwhile, the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has said agencies under the ministry generated ₦1.83 trillion in 2025, representing a 160 per cent increase over the ₦700.79 billion recorded in 2023.

The minister. in a statement Sunday in Abuja, said Nigeria’s maritime sector had undergone a far-reaching transformation in the three years since President Bola Ahmed Tinubu established the ministry in August 2023.

Oyetola said the ministry had moved swiftly to unlock the economic potential of Nigeria’s 853-kilometre coastline and extensive inland waterways, positioning the marine and blue economy as a major driver of revenue, trade, security and job creation.

Presenting the ministry’s three-year scorecard, the minister said the reform programme had delivered measurable gains across revenue generation, port infrastructure, maritime security, regulation, indigenous shipping, human-capital development, fisheries and inland-waterway safety.

“At the heart of our mandate is a simple but powerful objective: to turn Nigeria’s vast marine resources into sustainable economic value for Nigerians,” Oyetola said.

According to the minister, one of the clearest indicators of the progress recorded is the unprecedented growth in revenues generated by agencies under the Ministry.

Oyetola attributed the growth to regulatory reforms, stronger revenue assurance, digitisation and the systematic closure of financial leakages.

He said the improvement in revenue performance was part of a broader effort to build a more transparent, efficient and investment-friendly maritime economy.

Oyetola said the policy marked an important departure from the fragmented approach that had characterised the management of Nigeria’s maritime resources over the years by establishing a unified framework for shipping, fisheries, offshore energy, marine biotechnology and other emerging opportunities.

“This policy gives us a clear roadmap. It provides the predictability and transparency investors need while ensuring that our marine resources are developed sustainably,” he said.