By Emmanuella Opara | October 27th 2026
KEY POINTS
- Nigeria’s diaspora remittance inflows through International Money Transfer Operators (IMTOs) reached a record $1.57bn in the second quarter of 2026.
- The amount represented a 33 per cent increase from $1.18bn recorded in the corresponding period of 2025.
- First-quarter inflows rose by 45 per cent to $1.29bn, bringing first-half receipts to approximately $2.86bn.
- The Central Bank of Nigeria has introduced measures to improve transparency and monitoring of formal remittance transactions.
MAIN STORY
Nigeria’s diaspora remittance inflows rose to a record $1.57bn in the second quarter of 2026, extending the recovery recorded earlier in the year as transfers through formal international money transfer channels increased.
The figure, reported in the Central Bank of Nigeria’s Q2 2026 Statistical Bulletin, represented a 33 per cent increase from the $1.18bn received in the corresponding period of 2025.
It also surpassed the previous quarterly high of approximately $1.47bn recorded in the third quarter of 2024 and the previous second-quarter record of about $1.26bn posted in the same year.
Monthly data showed that inflows declined to $513.81m in April 2026 from $597.44m in April 2025. Receipts recovered to $472.13m in May, compared with $288.17m a year earlier, while June inflows rose to $580.16m from $292.25m.
June recorded the highest monthly inflow during the quarter, with receipts in May and June together exceeding $1bn.
The second-quarter performance followed an increase in first-quarter inflows, which reached $1.29bn, up 45 per cent from $888.47m in the corresponding period of 2025. Combined, the two quarters generated approximately $2.86bn in remittances through IMTOs during the first half of 2026.
Historical figures show that second-quarter inflows stood at $551.86m in 2019, $482.58m in 2020, $638.19m in 2021, $954.61m in 2022 and $810.84m in 2023.
Receipts increased to $1.26bn in 2024 before falling to $1.18bn in 2025 and rebounding to the latest record. The approximately $1.40bn recorded in the fourth quarter of 2025 had also indicated a recovery in formal remittance flows.
The increase comes amid regulatory changes introduced by the CBN to strengthen oversight of the remittance market and improve transparency in foreign exchange transactions.
In March 2026, the apex bank directed all IMTOs operating in Nigeria to open and maintain naira settlement accounts with authorised dealer banks. The measure was intended to improve transaction monitoring and strengthen transparency in the foreign exchange market.
The directive followed a January 2024 policy change that removed the cap on exchange rates quoted by IMTOs. Before the change, operators were required to quote rates within a band of plus or minus 2.5 per cent around the preceding day’s closing rate on the Nigerian Foreign Exchange Market.
The CBN also issued revised guidelines for IMTO operations as part of efforts to improve the functioning of the remittance market.
The latest performance marks a turnaround from the first half of 2025, when inflows through IMTOs fell by 11.78 per cent to $2.07bn, according to previously reported figures.
THE ISSUES
Diaspora remittances are an important source of foreign currency for Nigeria, supporting households and contributing to the movement of funds into the domestic economy. The rise in formal inflows points to stronger transfers through regulated channels, although the figures alone do not establish how much of the increase reflects higher total remittances or a shift from informal to formal transfer methods.
The distinction matters because the CBN figures cover transfers through IMTOs rather than every channel through which Nigerians abroad send money home. The record inflow therefore provides evidence of growth in reported formal transfers but does not, by itself, measure the full volume of diaspora remittances or their overall economic impact.
The monthly figures also show that the recovery was uneven, with April receipts declining before stronger inflows in May and June lifted the quarterly total. Sustaining the improvement will depend on whether the trend continues in subsequent quarters.
WHAT’S NEXT
Subsequent CBN data will show whether remittance inflows can maintain their first-half momentum. Further figures may also help assess the performance of the revised regulatory framework and whether the growth in formal transfers continues through the remainder of 2026.
BOTTOM LINE
Nigeria’s record $1.57bn diaspora remittance inflow in the second quarter of 2026 marks a strong recovery in transfers through formal channels. However, the longer-term significance will depend on whether the growth is sustained and how effectively the funds support households and contribute to foreign exchange availability.
