Nigeria received $1.57bn in remittances through International Money Transfer Operators in the second quarter of 2026, the highest quarterly amount recorded in available data since 2019, according to the Central Bank of Nigeria's Q2 2026 Statistical Bulletin. The figure represented a 33 per cent increase from $1.18bn in the same quarter of 2025, and surpassed the previous record of approximately $1.47bn in the third quarter of 2024.
Monthly flows during the quarter showed volatility. April inflows fell to $513.81m from $597.44m a year earlier, but May and June recovered sharply, with May reaching $472.13m compared with $288.17m in June 2025, and June climbing to $580.16m from $292.25m the previous year. June recorded the strongest monthly performance, while May and June together accounted for more than $1bn of the quarterly total.
The second quarter surge continued a positive trend established earlier in the year. First quarter inflows reached $1.29bn, up 45 per cent from $888.47m in the corresponding period of 2025, indicating strengthened flows through formal channels during the first half of 2026. Historical data showed Q2 receipts have grown from $551.86m in 2019 through $1.26bn in 2024, fell to $1.18bn in 2025, then rebounded to the record level. The Central Bank also reported that fourth quarter 2025 inflows reached approximately $1.40bn.
The Central Bank attributed the improved performance to regulatory reforms aimed at enhancing transparency and oversight. In March 2026, the apex bank directed all IMTOs to open and maintain naira settlement accounts with authorised dealer banks to strengthen monitoring of remittance transactions. This followed earlier changes in January 2024 when the CBN removed caps on exchange rates quoted by IMTOs, which had previously been restricted to within plus or minus 2.5 per cent of the preceding day's closing rate on the Nigerian Foreign Exchange Market. The regulator also issued revised guidelines for IMTO operations to improve remittance market functioning.
For savers and businesses in Nigeria, higher remittance inflows mean increased foreign currency availability through formal channels, which can support household finances and business operations dependent on diaspora funds. The sustained recovery from the 11.78 per cent decline in first-half 2025 reflects growing confidence in Nigeria's regulated remittance infrastructure and the CBN's efforts to encourage transfers through legitimate operators rather than informal channels.