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Akpo Ojo

Nigeria recorded a staggering$947 million in remittance inflows through international money transfer operators in July 2026, the highest monthly inflow ever recorded through formal channels and approaching the $1 billion monthly target set by the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso.

International monetary transfer operators inflows reached $3.8 billion in the first seven months of 2026 (50.2 percent)!higher than the same period in 2025, pointing to a significant strengthening in flows through formal channels.

The increase, the apex bank explained, follows a series of reforms by the CBN aimed at making formal remittance channels more competitive, transparent and accessible.

These include a move to a more market-determined exchange rate, reforms to the regulatory framework for international monetary transfer operators, and the introduction of the Non-Resident Bank Verification Number (NRBVN), alongside closer engagement with international monetary transfer operators, banks, and the Nigerian diaspora communities.

More recently, the CBN said, it has strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.

The significance extends beyond the headline figure. Increasing diaspora flows through formal channels boosts foreign-exchange liquidity and transparency, supports households and investment, and strengthens Nigeria’s external financing position.

“When we set a clear ambition to reach US$1 billion a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming. At $947 million in July, we are now approaching that milestone,” Governor Cardoso said.

While individual monthly figures will naturally vary, the CBN’s focus is on the broader trajectory and on sustaining the shift towards formal channels.

The significant increase in inflows recorded so far in 2026, points to the growing impact of reforms designed to make formal remittance channels more competitive, accessible and transparent.

The CBN is building on this momentum by deepening engagement with Nigerian diaspora communities and financial-sector partners across key remittance corridors.

“As part of its wider international engagements, the bank will continue to use opportunities in major global financial centres to engage diaspora communities, international monetary transfer operators, banks and other stakeholders to reduce friction, widen access and bring a greater share of remittance flows into formal channels.Governor,” Cardoso added:

“July is an important marker, but our focus is not on a single month. It is on creating the conditions for sustained growth in formal remittances.

“We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above US$1 billion.”

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The Black Market Dollar-to-Naira Exchange Rate for 29th August 2026 Can Be Accessed Below.
IMPORTANT NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
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The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.

The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.

What’s the dollar to naira black market today, 29th August 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1407 and buy at ₦1395 on Saturday, 29th August, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1407
Buying Rate ₦1395
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1339
Lowest Rate ₦1335

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American multinational technology company Meta has agreed to pay up to $18bn over the next decade to settle lawsuits brought by nearly all US states over allegations that Facebook and Instagram were designed to addict children.

The agreement, announced on Wednesday, brings an end to a federal trial in which states accused Meta of harming young users and misleading the public about the safety of its platforms.

Under the settlement, Meta will introduce stricter limits on how teenagers use Facebook and Instagram. Teenagers will generally be limited to two hours of use each day, while access between midnight and 06:00 will be blocked unless parents give permission.

The company will also disable most push notifications to teenagers during school hours and strengthen measures designed to prevent children from accessing age-restricted content.

However, Meta will not be required to abandon personalised recommendations or targeted advertising.

The company denied wrongdoing as part of the settlement, saying that ensuring teenagers have a safe and productive experience on its platforms is a priority.

Meta is expected to make maximum payments of about $16.7bn to 47 states, Washington DC and several US territories. California could receive about $2.2bn, while New York could receive around $1.1bn.

Another $459m will be paid to resolve state privacy claims connected to the Cambridge Analytica scandal, involving the unauthorised collection of data from millions of Facebook users.

The settlement also includes about $5bn in additional payments that could be made if Snapchat, TikTok and YouTube introduce similar protections for children.

The agreement could have wider consequences for the social media industry, as governments and regulators around the world face growing pressure to protect children from harmful online content and excessive social media use.

Thousands of other lawsuits remain against social media companies, with individuals, schools and government bodies accusing platforms of contributing to a youth mental health crisis involving anxiety, depression and suicide.

Meta has faced several recent legal setbacks over the safety of its platforms. Earlier this month, a New Mexico judge ordered the company to pay $567m and introduce additional youth safety measures.

In March, a Los Angeles jury also found Meta and Google negligent in designing their platforms and ordered the companies to pay $6m to a woman who said she became addicted to Instagram and YouTube as a child.

Meta and Google have said they will appeal those verdicts.

Not every US state accepted the latest settlement. New Mexico and Florida are continuing their legal battles against Meta.

Florida Attorney General James Uthmeier criticised the agreement, saying the payments were insignificant compared with the harm he alleges Meta’s platforms have caused children.

The settlement was approved by US District Judge Yvonne Gonzalez Rogers, who had overseen the federal trial.

The agreement represents one of the largest efforts yet by US authorities to force a major social media company to change how its platforms operate for young users.