By David Akinmola
Nigeria’s remittance inflows through international money transfer operators (IMTOs) rose by 33 per cent year-on-year to a record $1.57 billion in the second quarter of 2026, driven by a sharp increase in receipts in May and June, according to data from the Central Bank of Nigeria (CBN).
The figure, contained in the CBN’s second-quarter 2026 Statistical Bulletin, surpassed the previous quarterly peak of about $1.47 billion recorded in the third quarter of 2024, marking the highest total in the available data series from 2019 to 2026. <Cite refs={[“turn682668search0″,”turn682668search5”]}/>
The latest inflow compared with $1.18 billion recorded in the corresponding period of 2025, as stronger receipts in the final two months of the quarter offset a decline in April.
Monthly data showed that Nigeria received $513.81 million through IMTOs in April, down from $597.44 million in the same month last year. Inflows recovered to $472.13 million in May, up from $288.17 million, while June receipts climbed to $580.16 million, compared with $292.25 million in June 2025. <Cite refs={[“turn682668search0″,”turn682668search6”]}/>
June’s inflow was the highest monthly total in the quarter, while the combined performance of May and June more than offset April’s year-on-year decline.
The second-quarter performance extended the momentum recorded in the first three months of the year, when IMTO inflows reached $1.29 billion, representing a 45 per cent increase from $888.47 million in the corresponding period of 2025. <Cite refs={[“turn682668search0″,”turn682668search5”]}/>
Remittances from Nigerians living abroad are an important source of foreign exchange and household income. Higher inflows through formal channels can improve the visibility of transfers and support activity in the domestic financial system, although the figures alone do not establish the extent to which the additional funds ease pressure on the foreign exchange market.
The increase came amid regulatory measures by the CBN to strengthen oversight of international money transfers. In March 2026, the apex bank directed IMTOs operating in Nigeria to open and maintain naira settlement accounts with authorised dealer banks, as part of efforts to improve transparency and supervision of remittance transactions. <Cite refs={[“turn682668search0″,”turn682668search7”]}/>
The latest figures point to a stronger first-half performance in 2026 following a reported decline in remittance inflows during the first half of 2025. Sustaining the increase will depend on continued use of formal transfer channels and the ability of operators to provide competitive, accessible services to Nigerians in the diaspora.
