Nigeria’s Diaspora remittances hit record $1.57bn as analysts highlight forex benefits

Spread the word Nigeria’s inflows through International Money Transfer Operators (IMTOs) climbed to a record $1.57 billion in the second quarter of 2026, strengthening expectations that diaspora remittances could provide additional support for the country’s foreign exchange market.

The figure represents an increase of approximately 33 per cent from the $1.18 billion recorded in the corresponding period of 2025, according to the Central Bank of Nigeria’s (CBN) Q2 2026 Statistical Bulletin.

The latest performance is the highest quarterly total in the available data series covering 2019 to 2026, surpassing the previous record of about $1.47 billion recorded in the third quarter of 2024.

The increase was driven largely by stronger inflows in May and June, which offset a decline recorded in April.

Data showed that April inflows stood at $513.81 million, compared with $597.44 million in the same month of 2025. Receipts recovered to $472.13 million in May, up from $288.17 million a year earlier, while June inflows rose to $580.16 million from $292.25 million.

June consequently recorded the strongest monthly inflow of the second quarter.

The latest figures also extend the recovery recorded in the first quarter of 2026, when IMTO inflows reached $1.29 billion, representing a 45 per cent increase from $888.47 million in the first quarter of 2025.

Financial market analysts say stronger remittance inflows could improve the supply of foreign exchange through formal channels, support household consumption and strengthen transparency in Nigeria’s currency market.