The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that remittance inflows through International Money Transfer Operators (IMTOs) rose to a record $947 million in July 2026. This figure represents the highest monthly remittance inflow ever recorded through formal channels, bringing Nigeria close to the $1 billion monthly milestone. Remittance inflows through IMTOs reached $3.8 billion in the first seven months of 2026, a 50.2 per cent increase over the $2.5 billion recorded in the same period in 2025. The CBN attributed the increase to reforms aimed at making formal remittance channels more competitive and transparent.
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