Nigeria’s Diaspora Remittances Hit Record $947 Million in July, CBN Says

Nigeria received $947 million in diaspora remittances through International Money Transfer Operators in July 2026, the Central Bank of Nigeria said. The figure is the highest monthly inflow recorded through formal remittance channels. Total IMTO inflows reached $3.8 billion in the first seven months of 2026, up 50.2% from the same period in 2025. The CBN said the increase reflects a growing shift by Nigerians abroad towards official transfer channels. The bank linked the growth to exchange-rate reforms, changes to IMTO regulations, the Non-Resident Bank Verification Number initiative and stronger engagement with banks and diaspora communities. It added that higher formal inflows could improve foreign-exchange liquidity, transparency, household spending and investment.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.