Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators in July 2026, the Central Bank of Nigeria says.
The apex bank described it as the highest monthly inflow ever recorded through formal channels, moving closer to Governor Olayemi Cardoso’s $1 billion monthly target.
The CBN linked the rise to reforms including a more market-determined exchange rate, a revamped IMTO framework and the new Non-Resident BVN.
It added that it had also tightened requirements for remittances to be routed through designated settlement accounts with authorised dealer banks.
Comments 0