The Central Bank of Nigeria (CBN) has reported a significant increase in monthly dollar remittances, with inflows rising from approximately $600 million at the end of 2025 to about $950 million in July 2026.
CBN Governor Olayemi Cardoso disclosed the figures on Thursday during a discussion on the global economy at the 2026 Annual Meetings of the International Monetary Fund and the World Bank in Bangkok, Thailand.
According to Cardoso, the increase has brought Nigeria closer to the central bank’s target of attracting $1 billion in monthly remittances through formal channels.
He attributed the growth to measures introduced to improve remittance flows, strengthen the foreign-exchange market and encourage Nigerians abroad to send money through regulated financial institutions.
Cardoso said Nigeria, as one of Africa’s largest economies, had a responsibility to pursue consistent economic policies and demonstrate the benefits of reforms aimed at strengthening macroeconomic stability.
He also pointed to Nigeria’s renewed participation in major international financial market indices and improvements in the country’s standing with credit-rating agencies as indications of changing investor perceptions.
The CBN governor maintained that sustained policy consistency would be necessary to preserve confidence and improve the country’s economic outlook.
Remittances are an important source of foreign exchange for Nigeria, supporting households, helping to finance consumption and contributing to the supply of dollars available through formal channels.
Increasing formal remittance inflows could also help improve transparency in foreign-exchange transactions and reduce reliance on informal transfer arrangements.
However, the sustainability of the increase will depend on continued confidence in formal remittance channels, competitive transfer costs and the broader economic environment.
Cardoso’s remarks form part of the central bank’s wider effort to demonstrate progress in foreign-exchange management and economic reform.