Nigeria’s Diaspora Remittances Reach Record $1.57bn in Second Quarter
Nigeria recorded a historic increase in diaspora remittances in the second quarter of 2026, with funds sent home through International Money Transfer Operators (IMTOs) reaching $1.57bn, according to figures from the Central Bank of Nigeria (CBN).
The amount represents a 33 per cent increase from the $1.18bn recorded in the same period of 2025, surpassing the previous quarterly high of approximately $1.47bn recorded in the third quarter of 2024.
Data from the CBN’s second-quarter statistical bulletin show that monthly inflows fluctuated during the period. Nigeria received $513.81m in April, compared with $597.44m in April 2025. Receipts increased to $472.13m in May, up from $288.17m a year earlier, before climbing to $580.16m in June.
June accounted for the largest monthly inflow during the quarter, while the combined receipts for May and June exceeded $1bn.
The latest performance follows a strong first quarter, when remittances through formal transfer channels rose to $1.29bn, representing a 45 per cent increase from the $888.47m recorded in the corresponding period of 2025.
Historical figures also indicate a recovery in remittance inflows after a decline last year. Second-quarter receipts rose from $551.86m in 2019 to $954.61m in 2022, before dropping to $810.84m in 2023. They subsequently climbed to $1.26bn in 2024, declined to $1.18bn in 2025 and reached a new peak in 2026.
The increase comes as the CBN continues to strengthen oversight of international money transfers and improve transparency in the foreign exchange market.
In March 2026, the apex bank directed IMTOs operating in Nigeria to maintain naira settlement accounts with authorised dealer banks to improve the monitoring of remittance transactions.
The directive followed an earlier regulatory change in January 2024, when the CBN removed restrictions that had limited the exchange rates IMTOs could quote. Under the previous arrangement, operators were required to keep their quoted rates within 2.5 per cent above or below the preceding day's closing rate on the Nigerian Foreign Exchange Market.
The latest figures mark a reversal of the trend recorded in the first half of 2025, when remittance inflows through IMTOs fell by 11.78 per cent to $2.07bn.
The sustained increase in 2026 points to stronger foreign currency inflows through formal remittance channels, although the figures alone do not establish the extent to which regulatory changes contributed to the growth.
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