Western Union, MoneyGram, Other IMTOs Send $947m to Nigerians as Remittances Near $1bn
- Nigeria's remittance inflows hit a record $947 million in July 2026, nearing CBN's $1 billion target
- Total remittance inflows reached $3.8 billion in the first seven months of 2026, marking a 50.2% increase
- CBN plans deeper engagement to sustain growth in formal remittances and achieve the $1 billion monthly goal
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s formal remittance inflows surged to a record $947 million in July 2026, bringing the country within striking distance of the Central Bank of Nigeria’s (CBN) ambitious $1 billion monthly target.
The figure represents the highest monthly inflow recorded through International Money Transfer Operators (IMTOs), including major players such as Western Union and MoneyGram, as Nigerians in the diaspora increased transfers through formal channels.
Source: Getty Images
Remittances rise 50.2% in seven months
The July performance pushed total remittance inflows through IMTOs to $3.8 billion between January and July 2026, representing a 50.2 per cent increase over the corresponding period in 2025.
The CBN attributed the growth to reforms designed to make formal remittance channels more competitive, transparent and accessible.
Among the measures are moves towards a more market-determined exchange rate, changes to the regulatory framework for IMTOs and the introduction of the Non-Resident Bank Verification Number (NRBVN).
The apex bank has also stepped up engagement with IMTOs, banks and Nigerian diaspora communities while strengthening requirements for remittance transactions to pass through designated settlement accounts with authorised dealer banks.
Cardoso: $1bn target is within reach
CBN Governor Olayemi Cardoso said the July figure showed that Nigeria was getting closer to a target that had appeared ambitious when it was announced.
“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,” he said.
The CBN said the rising inflows could provide more than just foreign exchange. Greater formal remittance flows could improve FX liquidity and transparency, support household spending and investment, and strengthen Nigeria’s external financing position.
CBN eyes sustained growth
Despite the record July figure, the apex bank cautioned against viewing one month’s performance in isolation, noting that remittance flows can fluctuate.
The CBN said its priority was to sustain the upward trend and encourage more Nigerians abroad to use formal channels.
Source: Getty Images
It plans deeper engagement with diaspora communities, IMTOs, banks and other financial-sector stakeholders across major remittance corridors to reduce transaction friction and widen access.
Cardoso said Nigeria could eventually move beyond the $1 billion monthly threshold.
“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,” he said.
Cardoso: Diaspora remittances to hit $1 billion
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has set an ambitious target to increase monthly diaspora remittances to $1 billion by the end of 2026, as shared by CBN Governor Yemi Cardoso during the 14th BusinessDay CEO Forum in Lagos.
This goal comes on the heels of impressive growth in inflows from Nigerians abroad, reflecting growing confidence in the financial system amidst rising external reserves designed to shield the economy from volatility.
Source: Legit.ng
