Nigeria recorded US$947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly inflow ever recorded through formal channels and approaching the US$1 billion monthly target set by Central Bank of Nigeria (CBN) Governor Olayemi Cardoso.

IMTO inflows reached US$3.8 billion in the first seven months of 2026 — 50.2% higher than the same period in 2025, pointing to a significant strengthening in flows through formal channels.
The increase follows 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.

“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,” Governor Cardoso said.
While individual monthly figures will naturally vary, the CBN’s focus is on the broader trajectory and on sustaining the shift towards formal channels. The significant increase in inflows recorded so far in 2026 points to the growing impact of reforms designed to make formal remittance channels more competitive, accessible and transparent.

The CBN is building on this momentum by deepening engagement with Nigerian diaspora communities and financial-sector partners across key remittance corridors. As part of its wider international engagements, the Bank will continue to use opportunities in major global financial centres to engage diaspora communities, IMTOs, banks and other stakeholders to reduce friction, widen access and bring a greater share of remittance flows into formal channels.

Governor Cardoso added: “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.”

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Alhaji Atiku Abubakar, former Vice President and  Presidential Candidate of the African Democratic Congress(ADC), has said that reinstating fuel subsidy would depend on the situation on ground when he becomes President.

Abubakar, who stated this in a BBC interview monitored by the News Agency of Nigeria(NAN), opined that it was “not good” to remove the entire subsidy at the same time.

The ADC candidate’s new position on the matter represents a significant shift from his initial promise to restore full subsidy immediately he is sworn in, if he clinches the presidential seat in the 2027 election.

He said that a 100 per cent “sudden withdrawal” of fuel subsidy was not right, and opined that such a measure should rather be gradual.

He also stressed the need for consultation before such a decision could be taken.

“We shall meet with the people and examine the situation together. It shall be gradual. Certainly not 100 per cent as done by the current administration,” he said.

According to him, a sudden reinstatement will be like jumping into darkness because “one does not know the facts on the ground”.

(NAN)

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