The Central Bank of Nigeria issued a statement saying that funds sent back to the country by Nigerians living overseas through formal channels reached a record high in a single month. In the first seven months of 2026, international remittance agencies remitted a total of US$3.8 billion, an increase of 50% over the previous year. This monthly figure is approaching the monthly target of 1 billion US dollars set by central bank governor Olayemi Cardoso. The central bank said, “This growth stems from a series of reforms introduced by the Bank of Nigeria aimed at improving the competitiveness, transparency and availability of formal remittance channels.”

The Central Bank of Nigeria issued a statement saying that funds sent back to the country by Nigerians living overseas through formal channels reached a record high in a single month. In the first seven months of 2026, international remittance agencies remitted a total of US$3.8 billion, an increase of 50% over the previous year. This monthly figure is approaching the monthly target of 1 billion US dollars set by central bank governor Olayemi Cardoso. The central bank said, “This growth stems from a series of reforms introduced by the Bank of Nigeria aimed at improving the competitiveness, transparency and availability of formal remittance channels.”