CBN Reveals How Much Nigerians Abroad Sent Home in 1 Month as Remittances Near $1 Billion
- Nigerians living abroad sent $950 million in diaspora remittances in July 2026, according to the CBN
- The apex bank is targeting $1 billion in monthly remittances to boost Nigeria’s foreign exchange supply
- The CBN said FX reforms have narrowed the gap between official and parallel market rates, while reserves rose to $55.60 billion
PAY ATTENTION: Find it fast with our new search feature at Legit.ng!
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Central Bank of Nigeria (CBN) has disclosed that Nigerians living abroad sent $950 million in diaspora remittances through International Money Transfer Operators (IMTOs) in July 2026, as the apex bank intensifies efforts to attract more foreign exchange into the country.
The development comes as the CBN targets monthly remittance inflows of $1 billion, reflecting the growing importance of diaspora funds to Nigeria’s foreign exchange supply.
Source: UGC
CBN Deputy Governor, Corporate Services, Dr Muhammad Sani Abdullahi, disclosed the figures at a workshop for financial correspondents.
He said total foreign exchange inflows stood at $10.82 billion in July, with $7.33 billion, representing nearly 68%, coming from autonomous sources.
Abdullahi said the stronger inflows were helping to reduce Nigeria’s reliance on direct foreign exchange provision by the CBN.
FX reforms improve market stability
The increased focus on diaspora funds comes amid reforms designed to make Nigeria’s foreign exchange market more transparent and predictable.
Abdullahi said the reforms began in June 2023, when the CBN consolidated existing FX windows and moved towards a willing-buyer, willing-seller framework.
The bank also removed restrictions affecting 43 categories of imports from the official market and settled valid outstanding forward claims.
Other measures included the introduction of the Electronic Foreign Exchange Matching System for interbank transactions and the Nigerian FX Code, which established clearer standards for market conduct.
According to Abdullahi, the reforms have significantly narrowed the gap between official and parallel exchange rates.
He said the average gap fell from 68.2% between January and May 2023 to less than 2%, giving businesses a more reliable basis for pricing and planning.
Diaspora funds strengthen dollar supply
The CBN’s remittance drive forms part of a broader effort to diversify the sources of foreign exchange available to the economy.
Abdullahi disclosed that net foreign portfolio inflows totalled $6.31 billion between January and August 2026. Although portfolio investments can reverse, he said the broader improvement in foreign exchange supply had reduced dependence on direct CBN intervention.
Source: UGC
Nigeria’s external reserves have also strengthened. Gross foreign exchange reserves stood at $55.60 billion as of September 11, 2026, while the end-August position provided 11.3 months of import cover.
The CBN’s focus on increasing diaspora remittances therefore places Nigerians abroad at the centre of efforts to deepen foreign exchange supply and strengthen the country’s external position.
Source: Legit.ng
