…Nigeria’s international money transfer inflows rose 33 per cent year on year, driven by stronger receipts in May and June, according to CBN data.
Nigeria’s diaspora remittance inflows through International Money Transfer Operators (IMTOs) climbed to a record $1.57 billion in the second quarter of 2026, supported by a sharp increase in receipts in May and June.
The figure, reported in the Central Bank of Nigeria’s Q2 2026 Statistical Bulletin, represents an increase of approximately 33 per cent from the $1.18 billion recorded in the corresponding period of 2025.
It is the highest quarterly total in the available data series covering 2019 to 2026, surpassing the previous peak of about $1.47 billion recorded in the third quarter of 2024.
The latest performance also extends the recovery in remittance inflows seen in the first quarter of this year, when receipts rose to $1.29 billion, up 45 per cent from $888.47 million in Q1 2025.
Monthly figures show that the second-quarter increase was driven primarily by stronger inflows in May and June, which more than offset a decline in April.
April inflows stood at $513.81 million, down from $597.44 million in the same month last year.
Receipts recovered in May, rising to $472.13 million from $288.17 million a year earlier. June recorded the strongest performance, with inflows climbing to $580.16 million, compared with $292.25 million in June 2025.
June’s figure was the highest monthly inflow of the quarter, reflecting a substantial year-on-year increase in funds transferred through formal international money transfer channels.
The combined performance of May and June lifted the quarterly total above the previous second-quarter record of approximately $1.26 billion recorded in 2024.
The data also show a broader increase in second-quarter inflows over the past several years. Receipts rose from about $551.86 million in Q2 2019 to $954.61 million in Q2 2022, before fluctuating in subsequent years and reaching $1.18 billion in 2025.
The latest figures mark a new high for the second quarter and point to stronger formal remittance receipts in the first half of 2026.
Diaspora remittances are an important source of foreign exchange for Nigeria, supporting household consumption, education, healthcare, small businesses and other personal expenses.
Higher inflows through formal channels can also improve the visibility of foreign currency entering the economy and support liquidity in the foreign exchange market.
However, the latest figures do not, by themselves, establish how much of the increase resulted from changes in exchange-rate conditions, improved use of formal transfer channels, stronger underlying remittance activity or other factors.
The distinction matters because remittance volumes reflect both the amount sent by Nigerians abroad and the channels through which the money is transferred.
For households receiving funds, remittances can provide a crucial cushion against rising living costs. For the wider economy, sustained inflows can help support foreign exchange availability, although their effect depends on how the funds enter and circulate within the financial system.
