Nigeria’s Diaspora Remittances Hit $3.8bn in Seven Months

 

Nigeria recorded $3.8 billion in diaspora remittance inflows through formal channels between January and July 2026, representing a 50.2 per cent increase from the $2.5 billion recorded during the same period last year.

The Central Bank of Nigeria (CBN) disclosed that inflows through International Money Transfer Operators (IMTOs) reached a record $947 million in July, the highest monthly figure since the bank began publishing the data series in 2019. 

The July inflow was more than double the $464.8 million recorded in July 2025 and brought Nigeria within $53 million of the CBN’s target of attracting $1 billion monthly through formal remittance channels.

CBN Governor Olayemi Cardoso attributed the growth to reforms designed to make money transfers more competitive, transparent and accessible. The measures include changes to IMTO regulations, a more market-determined foreign exchange system and the introduction of the Non-Resident Bank Verification Number.

The apex bank has also strengthened requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.

Cardoso said the objective was not merely to achieve a record monthly figure but to sustain growth and encourage more Nigerians abroad to use formal transfer channels.

Remittances provide financial support to households, helping relatives in Nigeria pay for food, rent, school fees and healthcare. They also contribute to foreign exchange liquidity and the country’s external financing position.

However, the $3.8 billion figure covers formal IMTO inflows and should not be interpreted as the total amount sent to Nigeria by citizens living abroad.