In a significant boost to Nigeria's foreign exchange reserves, the Central Bank of Nigeria (CBN) has reported that Nigerians living abroad sent $950 million in remittances back home in July 2026. This influx is part of the CBN's broader strategy to reach a target of $1 billion in monthly remittance inflows, highlighting the vital role that diaspora funds play in stabilizing the nation's economy.

Dr. Muhammad Sani Abdullahi, the CBN Deputy Governor for Corporate Services, revealed these figures during a workshop aimed at financial correspondents. He noted that the total foreign exchange inflows for July amounted to $10.82 billion, with a substantial $7.33 billion—approximately 68%—coming from autonomous sources. This shift indicates a growing reliance on non-CBN sources for foreign exchange, which is crucial for reducing the bank's direct intervention in the market.

The CBN's renewed focus on attracting remittances aligns with recent reforms aimed at enhancing the transparency and predictability of Nigeria's foreign exchange market. These reforms, initiated in June 2023, included consolidating existing foreign exchange windows and adopting a willing-buyer, willing-seller framework. Additionally, the CBN lifted restrictions on 43 categories of imports from the official market, facilitating smoother transactions.

Abdullahi emphasized that these reforms have significantly narrowed the gap between official and parallel market exchange rates, with the average gap decreasing from 68.2% earlier in the year to less than 2%. This improvement provides businesses with a more stable environment for pricing and planning, ultimately fostering economic growth.

The CBN's efforts to boost remittances are part of a larger initiative to diversify the sources of foreign exchange available to the Nigerian economy. Between January and August 2026, net foreign portfolio inflows reached $6.31 billion, showcasing a positive trend in investment despite the inherent volatility of such funds.

As of September 11, 2026, Nigeria's gross foreign exchange reserves stood at $55.60 billion, providing an ample 11.3 months of import cover. With the CBN's strategic emphasis on increasing diaspora remittances, Nigerians abroad are positioned as key players in enhancing the country's foreign exchange supply and reinforcing its external economic position.