CBN data show a 33% year-on-year increase, with stronger inflows in May and June offsetting a decline in April receipts…….
Nigeria recorded a record $1.57 billion in remittance inflows through International Money Transfer Operators (IMTOs) in the second quarter of 2026, as receipts surged in May and June, according to data from the Central Bank of Nigeria.
The figure represents a 33% increase from the $1.18 billion received in the corresponding quarter of 2025 and marks the highest second-quarter total in the available data series covering 2019 to 2026.
The latest inflow also exceeded the previous second-quarter record of approximately $1.26 billion recorded in 2024, highlighting the stronger performance of diaspora remittances during the period.
Figures contained in the CBN’s Q2 2026 Statistical Bulletin show that the increase followed a strong first quarter, when inflows through IMTOs reached $1.29 billion, compared with $888.47 million in the same period of 2025.
This represents a 45% year-on-year increase, suggesting that remittance receipts maintained an upward trajectory in the first half of 2026, despite fluctuations in monthly inflows.
May, June drive quarterly remittance growth
A breakdown of the monthly figures shows that Nigeria’s IMTO inflows weakened in April before recovering strongly over the following two months.
The country received $513.81 million in April 2026, down from $597.44 million recorded in April 2025.
However, receipts rebounded in May, rising to $472.13 million from $288.17 million in the corresponding month of the previous year.
June delivered the strongest monthly performance of the quarter, with inflows reaching $580.16 million, almost double the $292.25 million recorded in June 2025.
The sharp increases in May and June more than compensated for April’s decline, pushing total second-quarter receipts to the record $1.57 billion.
The figures suggest that the improvement in quarterly inflows was largely driven by stronger receipts towards the end of the period rather than consistent growth across all three months.
Remittance inflows recover after fluctuations
Historical data show that Nigeria’s second-quarter remittance receipts have fluctuated considerably over the years, with the latest figures representing a significant increase from previous periods.
Inflows stood at approximately $551.86 million in the second quarter of 2019 before falling to $482.58 million in 2020.
Receipts subsequently rose to $638.19 million in 2021 and $954.61 million in 2022, before declining to $810.84 million in the second quarter of 2023.
The figure climbed to approximately $1.26 billion in Q2 2024 but slipped to $1.18 billion in the corresponding period of 2025.
The latest $1.57 billion inflow not only reversed the previous year’s decline but also established a new high for the quarter.
Other quarterly figures indicate that remittance receipts have remained substantial outside the second quarter. Inflows reached approximately $1.47 billion in the third quarter of 2024, while the fourth quarter of 2025 recorded about $1.40 billion.
CBN tightens oversight of international money transfers
The increase in remittance receipts comes amid regulatory measures introduced by the CBN to strengthen oversight of international money transfers and improve transparency in the foreign exchange market.
In March 2026, the apex bank directed all IMTOs operating in Nigeria to open and maintain naira settlement accounts with authorised dealer banks.
The directive was aimed at improving the monitoring of diaspora remittances and strengthening transparency in the handling of international transfers.
The measure followed earlier reforms introduced in January 2024, when the CBN removed the cap on exchange rates quoted by IMTOs.
Before the change, operators were required to quote exchange rates within a band of 2.5% above or below the previous day’s closing rate on the Nigerian Foreign Exchange Market.
The bank also issued revised guidelines for IMTO operations in January 2024 as part of efforts to update the regulatory framework governing the sector.
The latest figures provide a fresh indication of the performance of formal remittance channels as the CBN continues efforts to improve transparency and oversight of foreign exchange transactions in Nigeria.
