The Central Bank of Nigeria (CBN) announced that Nigeria received $3.8 billion in remittances from abroad in the first seven months of 2026. In July alone, the country received about $947 million, which was the highest amount for a single month through official channels. This increase is a 50.2% rise compared to the same time last year. The CBN attributed this growth to several reforms aimed at making it easier and more competitive to send money through official channels. These reforms include changing the exchange rate system, updating regulations for money transfer operators, and introducing new identification requirements for non-residents. The CBN believes that increasing remittances through formal channels can help improve Nigeria's foreign exchange situation and support families and investments. The governor of CBN, Olayemi Cardoso, expressed optimism about reaching a goal of $1 billion in monthly remittances and emphasized the importance of creating lasting conditions for growth in this area.
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