Nigeria’s remittance inflows hit $1.57 billion, May and June fuel record surge

Nigeria’s inflows through International Money Transfer Operators (IMTOs) rose to $1.57 billion in the second quarter of 2026, the highest quarterly total between 2019 to 2026.

According to the Central Bank of Nigeria’s (CBN) Q2 2026 Statistical Bulletin, the increase reflected strong inflows in May and June.

The latest figure surpassed the previous quarterly high in the available series, recorded in Q3 2024 at $1.47 billion.

CBN data show that IMTO inflows totalled approximately $1.57 billion between April and June 2026, up from $1.18 billion in the corresponding period of 2025, an increase of about 33%.

The stronger inflows in May and June more than offset April’s year-on-year decline. June also recorded the highest monthly inflow of the quarter.

The quarterly total exceeded the previous second-quarter high of approximately $1.26 billion recorded in 2024.

The monthly figures show that quarterly IMTO inflows have varied considerably since 2019, with a broader increase in the amounts recorded in recent years.

Q2 inflows were approximately $551.86 million in 2019, $482.58 million in 2020, $638.19 million in 2021, $954.61 million in 2022 and $810.84 million in 2023. They then rose to $1.26 billion in 2024, before easing to $1.18 billion in 2025.

The latest quarterly performance represents a new high against these previous second-quarter totals. The monthly series also shows that Q3 2024 inflows reached approximately $1.47 billion, while Q4 2025 recorded about $1.40 billion.

Nairametrics previously reported that IMTO inflows reached $1.29 billion in Q1 2026, representing a 45% increase from $888.47 million in the same quarter of 2025. The latest figures show that inflows strengthened further in the second quarter.

The increase in remittance inflows comes amid regulatory changes introduced by the CBN to strengthen oversight of international money transfers and improve transparency in the foreign exchange market.

The performance follows a decline in IMTO inflows during the first half of 2025, when receipts fell by 11.78% compared with the same period in 2024, according to an earlier Nairametrics report. The latest data therefore show a stronger remittance inflow trend in the first half of 2026.

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Notify me of follow-up comments by email.

IMF blames over-optimistic tax estimates, weak implementation for revenue shortfalls

Macron, Tinubu agree to postpone French President’s state visit to Nigeria until 2027

CBN bills surge to N5.6 trillion, drive 74% of money supply increase in September