Nigeria's formal remittance inflow was 947 million dollars in July
Nigeria's central bank said international money transfer operators brought in 947 million dollars in July, the highest monthly total through formal channels and short of Governor Olayemi Cardoso's 1 billion dollar target by 53 million dollars. The Debt Management Office said a 5 billion dollar total return swap with First Abu Dhabi Bank is collateralised with naira federal bonds rather than oil revenue. The bank said stronger formal inflows improve foreign-exchange liquidity. The office said proceeds go to the budget, infrastructure and the refinancing of costlier debt.
Economics & Markets··Night
July inflows closed in on the 1 billion dollar target
Nigeria's central bank said in a statement on Sunday that inflows through international money transfer operators reached 947 million dollars in July. That is the highest monthly figure through formal channels. It stands short of the 1 billion dollar monthly target Governor Olayemi Cardoso set nearly two years ago by 53 million dollars. The bank said stronger formal inflows improve foreign exchange liquidity and transparency and support household consumption and investment, while noting that monthly figures fluctuate.[1]
Seven-month inflows rose 50.2 per cent
In 2026 the first seven months brought 3.8 billion dollars through those operators, more than in the same period of 2025 by 50.2 per cent. First-quarter inflows were 888.47 million dollars a year earlier against 1.29 billion dollars, with 506.66 million dollars in January, 402.13 million dollars in February and 377.93 million dollars in March. The bank attributed the growth to a more market-determined exchange rate, changes to the rules governing transfer operators and the introduction of the Non-Resident Bank Verification Number. A circular dated 24 March 2026 had ordered operators to hold naira settlement accounts with authorised dealer banks.[1]
Naira bonds collateralise the dollar facility
The Debt Management Office said the country pledged naira-denominated Federal Government of Nigeria bonds, which are domestic securities, rather than oil revenue or strategic assets, as collateral for a 5 billion dollar total return swap arranged with First Abu Dhabi Bank. The facility runs for 6 years with a review after 3 years and is priced at about 4 percentage points over SOFR. Collateral is set at 133.3 per cent of the cash drawn, or roughly 6.65 billion dollars if the full amount is used, and between 1.5 billion dollars and 2 billion dollars has already been drawn. The office said the proceeds go to budget implementation, priority infrastructure, the refinancing of costlier domestic and external debt, and other urgent needs.[2]
