Nigeria's Central Bank Says July Remittances Hit Record $947 Million

Nigeria's central bank said funds sent home by Nigerians living abroad through formal channels reached a monthly record. According to Sina Finance, total inflows from international money transfer operators reached $3.8 billion in the first seven months of 2026, up 50% year on year. The central bank said the July figure was close to Governor Olayemi Cardoso's $1 billion monthly target. It said the increase stemmed from a series of reforms aimed at improving the competitiveness, transparency, and accessibility of formal remittance channels.