The Central Bank of Nigeria reported that remittance inflows through International Money Transfer Operators reached $947 million in July 2026, the highest monthly figure on record for formal channels. This brings total inflows for the first seven months of 2026 to $3.8 billion, a 50.2% increase compared to the same period in 2025. The growth is attributed to CBN reforms, including a market-determined exchange rate, updated IMTO regulations, and the introduction of the Non-Resident Bank Verification Number.
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