Nigeria’s remittance inflows hit record $1.57bn in Q2

Nigeria received $1.57bn in diaspora remittances through International Money Transfer Operators in the second quarter of 2026, the highest quarterly inflow recorded in the available data from 2019 to 2026.

The amount rose by about 33 per cent from $1.18bn recorded in the corresponding period of 2025, according to the Central Bank of Nigeria’s Q2 2026 Statistical Bulletin.

The latest figures show that stronger inflows in May and June more than offset a decline in April, pushing quarterly receipts above the previous high of approximately $1.47bn recorded in the third quarter of 2024.

Monthly data show that Nigeria received $513.81m in April 2026, down from $597.44m in the same month of 2025.

Inflows recovered in May, rising to $472.13m from $288.17m a year earlier, while June receipts climbed to $580.16m, compared with $292.25m in June 2025.

June recorded the highest monthly inflow during the quarter, while May and June together accounted for more than $1bn of the quarterly total.

The Q2 performance also surpassed the previous Q2 record of approximately $1.26bn recorded in 2024.

The latest figures extend the growth recorded in the first quarter of the year, when IMTO inflows reached $1.29bn, up 45 per cent from $888.47m in the corresponding period of 2025.

The figures indicate a stronger flow of foreign currency through formal international money transfer channels during the first half of 2026.

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Historical data show that Q2 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 subsequently rose to $1.26bn in 2024 before falling to $1.18bn in 2025 and rebounding to a record $1.57bn in the latest quarter.

The quarterly figures also show that inflows reached approximately $1.40bn in the fourth quarter of 2025, indicating that the recent recovery has continued into 2026.

The increase in inflows comes amid efforts by the CBN to improve transparency and strengthen oversight of diaspora remittances.

In March 2026, the apex bank directed all IMTOs operating in Nigeria to open and maintain naira settlement accounts with authorised dealer banks.

The directive was intended to improve monitoring of remittance transactions and strengthen transparency in the foreign exchange market.

The move followed changes to the operating framework in January 2024, when the CBN removed the cap on exchange rates quoted by IMTOs. Previously, operators were required to quote rates within a band of minus or plus 2.5 per cent around the preceding day’s closing rate on the Nigerian Foreign Exchange Market.

The regulator 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.