Funds remitted into Nigeria through International Money Transfer Operators reached $1.57 billion during the second quarter of 2026, marking the highest quarterly volume ever documented within the available records spanning from 2019 to 2026.
According to the Central Bank of Nigeria’s (CBN) Q2 2026 Statistical Bulletin, the figure represents an increase of approximately 33 per cent from the $1.18 billion recorded in the corresponding period of 2025.
The latest inflow surpassed the previous quarterly record of approximately $1.47 billion recorded in the third quarter of 2024, reflecting stronger remittance receipts in May and June 2026.
Data from the CBN showed that inflows stood at $513.81 million in April 2026, compared with $597.44 million in April 2025.
Receipts increased to $472.13 million in May, up from $288.17 million in the same month of the previous year, while June inflows rose to $580.16 million from $292.25 million in June 2025.
Although April recorded a year-on-year decline, the increases in May and June more than offset the shortfall. June also recorded the highest monthly inflow of the quarter.
The second-quarter performance exceeded the previous high for the same period, when inflows reached approximately $1.26 billion in 2024.
Historical data showed that second-quarter IMTO inflows stood at $551.86 million in 2019, $482.58 million in 2020, $638.19 million in 2021, $954.61 million in 2022 and $810.84 million in 2023.
The figure rose to approximately $1.26 billion in 2024 before declining to $1.18 billion in 2025, ahead of the latest increase to $1.57 billion in 2026.
Other quarterly figures also showed substantial inflows in recent periods, with the third quarter of 2024 recording approximately $1.47 billion and the fourth quarter of 2025 recording about $1.40 billion.
The latest performance follows an increase in IMTO inflows to $1.29 billion in the first quarter of 2026, up 45 per cent from $888.47 million recorded in the corresponding period of 2025, according to an earlier report by Nairametrics.
The figures indicate that remittance inflows strengthened further in the second quarter, following the growth recorded in the first three months of the year.
The increase comes amid regulatory changes introduced by the CBN to strengthen oversight of international money transfers and improve transparency in the foreign exchange market.
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 aimed at tightening oversight of diaspora remittances and improving transparency in the foreign exchange market.
The move followed earlier changes to the operating framework for international money transfer operators.
In January 2024, the CBN removed the cap on exchange rates quoted by IMTOs. Before the change, operators were required to quote rates within a range of minus 2.5 per cent to plus 2.5 per cent around the previous day’s closing rate on the Nigerian Foreign Exchange Market.
The CBN subsequently issued revised guidelines for IMTO operations at the end of January 2024, further adjusting the rules governing the sector.
The latest figures also follow a decline in remittance inflows during the first half of 2025, when receipts fell by 11.78 per cent compared with the corresponding period of 2024, according to an earlier Nairametrics report.
The increase recorded in the first half of 2026 therefore marks a stronger remittance inflow trend, with the second-quarter total setting a new high in the available quarterly series.
What You Should Know
The Central Bank of Nigeria reported that diaspora remittances climbed significantly in the second quarter of 2026, fueled by stronger inflows in May and June that offset a minor dip in April. This milestone follows recent regulatory adjustments by the apex bank aimed at improving transparency and tightening oversight in the foreign exchange market, such as requiring IMTOs to maintain naira settlement accounts.
- Positive Impact: Increased foreign exchange inflows can help stabilize the naira, boost liquidity in the official forex market, and improve overall economic confidence.
- Potential Concerns: Despite the impressive growth, reliance on diaspora remittances highlights ongoing domestic economic pressures and underscores the need for sustainable local production and investment.
