Inflows rise 50% in seven months as CBN closes in on $1bn monthly target
Nigeria’s diaspora economy is delivering a major boost to the country’s foreign-exchange market, with formal remittance inflows reaching $947 million in July 2026.
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The figure represents the highest monthly inflow recorded through International Money Transfer Operators (IMTOs) and puts Nigeria just $53 million short of the Central Bank of Nigeria’s $1 billion monthly target.
More significantly, formal remittances reached about $3.8 billion between January and July, representing a 50.2 per cent increase compared with the corresponding period of 2025.
Why the number matters
For years, a significant proportion of Nigerians abroad sent money home through informal channels.
That made the true size of Nigeria’s diaspora financial contribution difficult to measure while also limiting the amount of foreign currency entering the formal financial system.
The CBN has therefore pushed policies designed to encourage more remittances through licensed channels.
The July figure suggests those efforts may be beginning to pay off.
A lifeline for Nigerian families
Behind the statistics are millions of Nigerian households.
Remittances pay school fees, medical bills, rent, food expenses and business capital.
For some families, money sent from London, Houston, Johannesburg, Dubai or elsewhere abroad is effectively a second household income.
The surge also provides additional dollar liquidity for Nigeria’s economy.
But there is another side to the story.
The growing dependence on diaspora money also reflects the economic pressures confronting families at home.
When Nigerians increasingly depend on relatives abroad to pay basic household expenses, the remittance boom becomes both an economic strength and a reminder of domestic vulnerability.
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