Nigeria records $947m remittances in July, nears $1bn monthly target

The PunchIndependentCenter1 hr. ago

The Central Bank of Nigeria (CBN) reported that remittance inflows through formal channels reached $947 million in July 2026, marking the highest monthly amount ever recorded. This figure approaches the CBN's goal of achieving $1 billion in monthly remittances. Governor Olayemi Cardoso attributed the growth to reforms such as market-determined exchange rates, improved regulation for international money transfer operators (IMTOs), and the introduction of the Non-Resident Bank Verification Number (NRBVN). He emphasized that these measures have enhanced transparency, accessibility, and competitiveness of formal remittance channels, contributing to increased foreign exchange liquidity and supporting household income and investment. While the CBN acknowledges natural fluctuations in monthly figures, it focuses on long-term trends and continued efforts to channel more remittances through formal systems.

Bias read (Center): The article presents information based on official statements from the CBN governor and does not take a partisan stance. It reports on economic data and policy outcomes without overtly favoring any political ideology. The framing remains neutral, focusing on factual updates and policy impacts rather

Vanguard NigeriaIndependentCenter4 hr. ago

In July 2026, Nigeria received $947 million in remittance inflows through formal channels, marking the highest monthly amount recorded via International Money Transfer Operators (IMTOs), according to the Central Bank of Nigeria (CBN). This figure brings Nigeria closer to its goal of achieving $1 billion in monthly remittances. The CBN reported that total remittances through IMTOs in the first seven months of 2026 amounted to $3.8 billion, reflecting a 50.2% increase compared to the same period in 2025. The rise follows reforms by the CBN aimed at making formal remittance channels more competitive, transparent, and accessible, including changes to exchange rates, regulatory frameworks, and new verification systems like the Non-Resident Bank Verification Number (NRBVN). Governor Olayemi Cardoso noted that the progress demonstrates the viability of the $1 billion target, which was initially seen as ambitious. The CBN emphasized that while monthly figures may vary, the focus remains on maintaining the upward trend and increasing the share of remittances flowing through formal channels.

Bias read (Center): The article presents factual data and policy developments related to Nigeria's remittance inflows without overtly favoring any political ideology. It reports on economic indicators, central bank policies, and expert commentary without introducing ideological slant or partisan framing. The tone is ap