May and June Lift Nigeria’s Formal Remittance Inflows to Record $1.57bn
Nigeria received $1.57 billion through International Money Transfer Operators (IMTOs) in the second quarter of 2026, the highest quarterly total in the available 2019–2026 series, as inflows strengthened sharply in May and June.
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The figure represents a 33 per cent increase from the $1.18 billion recorded in the same period of 2025, according to data from the Central Bank of Nigeria’s second-quarter 2026 Statistical Bulletin. It also surpassed the previous quarterly high of about $1.47 billion recorded in the third quarter of 2024.
The increase points to stronger use of formal channels for sending money into Nigeria. Remittances provide foreign exchange and household income, while their scale and the channels through which they enter the economy matter for financial-sector activity and currency-market transparency.
May and June Drive the Increase
Monthly figures show that the second-quarter improvement came mainly from stronger inflows in May and June.
Nigeria received $513.81 million in April, compared with $597.44 million in April 2025. Inflows then rose to $472.13 million in May, up from $288.17 million a year earlier, while June recorded $580.16 million against $292.25 million in June 2025.
June was the strongest month of the quarter. The gains in May and June more than offset April’s year-on-year decline, pushing the quarterly total above the previous second-quarter peak of approximately $1.26 billion recorded in 2024.
The figures also extend the recovery seen in the first quarter, when formal remittance inflows reached $1.29 billion, 45 per cent higher than the $888.47 million recorded in the first quarter of 2025.
CBN Reforms Aim to Strengthen Formal Remittances
The increase comes amid regulatory changes designed to improve oversight and transparency in the remittance market.
In March 2026, the CBN directed international money transfer operators to maintain naira settlement accounts with authorised dealer banks. The measure followed earlier changes to the operating framework, including the removal of the cap on exchange rates quoted by IMTOs in January 2024.
These measures form part of efforts to improve the handling of diaspora transfers through regulated channels and strengthen transparency in the foreign exchange market. However, the quarterly figures alone do not establish how much of the increase resulted from regulatory changes, improved incentives to use formal channels or other factors.
What the Increase Means for Nigeria’s Economy
Higher formal remittance inflows can support foreign exchange availability, improve the traceability of cross-border transfers and provide households with funds for consumption, education, business activity and housing expenses.
For the housing market, diaspora transfers can help some households finance rent, land purchases, home construction and property acquisitions. However, the national figures do not show how much of the money went into real estate or how much reached property-related businesses.
It is also important to distinguish IMTO inflows from the broader measure of personal transfers. The $1.57 billion figure covers transfers through international money transfer operators, rather than all funds Nigerians abroad send home. The two measures should not be treated as interchangeable.
The latest data therefore show a record quarter for formal remittance channels, but sustaining the growth will depend on continued confidence in regulated transfers, competitive exchange rates and efficient payment systems.
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