Breaking
Police authorities in Belize City are investigating a fatal late-night drive-by shooting that claimed the life of 21-year-old Jaheem SanchezMissing Holland Woman Brittany Ritter Found Deceased in IndianaFranklin Small Business Owner Charity Lynn Maloy Passes AwayBonifay Resident Cortney Nicole Reddick Passes Away at Age 35; Celebration of Life Service ScheduledCommunity members, choir singers, and faith leaders across Southern California are mourning the tragic passing of 33-year-old musician and educator Braden PontoliIndependent Investigation Launched Following Death of Duncan Police Officer Vincent SchenckFresno Rider Gregory Hansen Dies Following Collision With Bicycle-Pulled CartBrother Charged With Murder After GBI Identifies Remains of Missing Dougherty County TeenagerPolice authorities in Belize City are investigating a fatal late-night drive-by shooting that claimed the life of 21-year-old Jaheem SanchezMissing Holland Woman Brittany Ritter Found Deceased in IndianaFranklin Small Business Owner Charity Lynn Maloy Passes AwayBonifay Resident Cortney Nicole Reddick Passes Away at Age 35; Celebration of Life Service ScheduledCommunity members, choir singers, and faith leaders across Southern California are mourning the tragic passing of 33-year-old musician and educator Braden PontoliIndependent Investigation Launched Following Death of Duncan Police Officer Vincent SchenckFresno Rider Gregory Hansen Dies Following Collision With Bicycle-Pulled CartBrother Charged With Murder After GBI Identifies Remains of Missing Dougherty County Teenager
GRC
Sign in
World

Nigeria records highest diaspora remittance inflow — CBN

Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators, IMTOs in July 2026, according to the Central Bank of Nigeria, CBN. The apex bank said the figure represents the highest monthly inflow ever recorded through formal channels. The CBN said the remittance inflow highlights

30 Aug 2026 2 min 0
WhatsAppX Facebook
Nigeria records highest diaspora remittance inflow — CBN

Nigeria recorded $947 million in remittance inflows through International Money Transfer Operators, IMTOs in July 2026, according to the Central Bank of Nigeria, CBN.

The apex bank said the figure represents the highest monthly inflow ever recorded through formal channels.

The CBN said the remittance inflow highlights progress towards the US$1 billion monthly target set by its Governor, Olayemi Cardoso.

DAILY POST reports that IMTO inflows reached US$3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase compared with the same period in 2025 and pointing to a significant strengthening of flows through formal channels.

Recommended

The data showed that the increase followed a series of reforms by the CBN aimed at making formal remittance channels more competitive, transparent and accessible.

“These include a move to a more market-determined exchange rate, reforms to the regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number, NRBVN, alongside closer engagement with IMTOs, banks and Nigerian diaspora communities.

“More recently, the CBN has strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.

“The significance extends beyond the headline figure. Increasing diaspora flows through formal channels boosts foreign exchange liquidity and transparency, supports households and investment, and strengthens Nigeria’s external financing position.

Commenting, Cardoso said, “When we set a clear ambition to reach US$1 billion a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming. At US$947 million in July, we are now approaching that milestone.”

“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 US$1 billion,” he added.

You may like

Original source