CBN data show 33% year-on-year growth as stronger inflows in May and June offset April’s decline, surpassing the previous quarterly peak recorded in 2024……
Nigeria’s inflows through International Money Transfer Operators (IMTOs) climbed to a record $1.57 billion in the second quarter of 2026, marking the highest quarterly amount in the available data covering 2019 to 2026.
The latest figures, contained in the Central Bank of Nigeria’s (CBN) Q2 2026 Statistical Bulletin, represent a 33% increase from the $1.18 billion recorded in the same period of 2025.
The growth was largely driven by a sharp increase in remittances in May and June, which more than compensated for the decline recorded in April.
The second-quarter performance also surpassed the previous quarterly record of approximately $1.47 billion posted in the third quarter of 2024.
May, June drive remittance growth
A breakdown of the CBN figures shows that Nigeria received $513.81 million in IMTO inflows in April 2026, below the $597.44 million recorded in the corresponding month of the previous year.
However, the trend reversed in May, when inflows rose to $472.13 million from $288.17 million in May 2025.
The increase continued in June, with receipts reaching $580.16 million, compared with $292.25 million in the same month last year.
June consequently recorded the highest monthly inflow of the second quarter, while the combined gains in May and June pushed the quarterly total to a new high.
The figures indicate that the improvement in remittance receipts was concentrated in the final two months of the quarter, despite the weaker performance at the beginning of the period.
How Nigeria’s remittance inflows have changed
The latest record extends a broader shift in the volume of funds entering Nigeria through international money transfer operators over the past seven years.
CBN data show that second-quarter IMTO inflows stood at approximately $551.86 million in 2019 before declining to $482.58 million in 2020.
Receipts subsequently increased to $638.19 million in 2021 and climbed further to $954.61 million in 2022.
However, inflows fell to $810.84 million in the second quarter of 2023 before recovering to approximately $1.26 billion in 2024.
The figure declined to $1.18 billion in the corresponding period of 2025, before rising to $1.57 billion in the latest quarter.
Beyond the second-quarter comparison, the data show that inflows reached approximately $1.47 billion in the third quarter of 2024, while the fourth quarter of 2025 recorded about $1.40 billion.
The latest figure therefore represents a new peak in the quarterly series, exceeding both previous highs.
The development also builds on the momentum recorded earlier in 2026. Nigeria received $1.29 billion through IMTOs in the first quarter, up 45% from $888.47 million in the corresponding period of 2025.
With inflows strengthening further in the second quarter, the latest figures point to an improvement in formal remittance receipts during the first half of the year.
CBN introduces stricter rules for money transfer operators
The increase in remittance inflows comes as the CBN continues to adjust the regulatory framework governing international money transfers, with a focus on improving transparency and strengthening oversight of foreign exchange transactions.
In March 2026, the apex bank directed all IMTOs operating in Nigeria to open and maintain naira settlement accounts with authorised dealer banks.
The measure was intended to strengthen monitoring of diaspora remittances and improve transparency in the foreign exchange market.
The directive followed an earlier policy change introduced in January 2024, when the CBN removed the cap on exchange rates quoted by international money transfer operators.
Before the change, operators were required to quote rates within a range of -2.5% to +2.5% around the previous day’s closing rate on the Nigerian Foreign Exchange Market.
The bank subsequently issued revised guidelines for IMTO operations at the end of January 2024, further adjusting the rules governing the sector.
These measures form part of the regulatory changes introduced to improve the operation of formal remittance channels and strengthen the handling of foreign currency inflows.
Recovery follows decline in first half of 2025
The latest performance contrasts with the weakness recorded in the first half of 2025, when Nigeria’s IMTO inflows fell by 11.78% year-on-year to $2.07 billion.
The decline had highlighted a slowdown in funds received through formal international money transfer channels during the period.
However, the figures for the first two quarters of 2026 show a stronger trend, with inflows rising in the first quarter and setting a new quarterly record in the second.
The $1.57 billion recorded between April and June underscores the scale of the latest increase and marks a significant improvement on the corresponding period of the previous year.
With May and June accounting for the strongest monthly performances in the quarter, the latest data provide a clearer picture of how remittance inflows gathered momentum despite April’s decline.
