Follow Us on Google
Nigeria’s diaspora remittances rose to a record $1.57 billion in the second quarter of 2026.
This was driven by a sharp increase in money sent home in May and June.
Data from the Central Bank of Nigeria’s (CBN) Q2 2026 Statistical Bulletin showed that inflows through International Money Transfer Operators (IMTOs) increased by about 33 per cent from $1.18 billion recorded in the corresponding period of 2025.
The latest figure is the highest quarterly inflow in the available data from 2019 to 2026, surpassing the previous record of $1.47 billion recorded in the third quarter of 2024.
A breakdown of the figures showed that Nigeria received $513.81 million in April 2026, down from $597.44 million in the same month of 2025.
However, inflows recovered strongly in May and June, with receipts rising to $472.13 million and $580.16 million, respectively.
The May figure was higher than the $288.17 million recorded in May 2025, while June inflows nearly doubled from $292.25 million in the corresponding month last year.
June recorded the highest monthly inflow in the quarter, helping to offset April’s decline and push total receipts to a new high.
Other News
The strong performance followed an increase in remittances in the first quarter of 2026. Nigeria received $1.29 billion during the period, up 45 per cent from $888.47 million recorded in the first quarter of 2025. The latest figures indicate that diaspora remittances strengthened further in the first half of 2026, following a decline in inflows during the first half of 2025.
The increase comes amid efforts by the CBN to improve transparency and strengthen oversight of money transfers from Nigerians living abroad.
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 aimed at improving monitoring of diaspora remittances and transparency in the foreign exchange market.
Earlier, in January 2024, the CBN removed the cap on exchange rates quoted by IMTOs, allowing operators greater flexibility in setting rates for money transfers.
Before the change, operators were required to quote rates within a range of minus 2.5 per cent to plus 2.5 per cent of the previous day’s closing rate on the Nigerian Foreign Exchange Market.
The CBN subsequently issued revised guidelines for IMTO operations, further adjusting the rules governing the sector.
Remittances from Nigerians abroad are an important source of foreign exchange for the country, helping households meet expenses and supporting the supply of foreign currency.
The latest increase could strengthen foreign exchange inflows, although its broader impact will depend on how much of the money enters the formal financial system and how the funds are channelled into the economy.
