Nigeria’s IMTO remittance inflows hit record $1.57bn in Q2 2026

Nigeria received $1.57bn in diaspora remittances through International Money Transfer Operators in the second quarter of 2026. It is the highest quarterly inflow in available data from 2019 to 2026, according to the Central Bank of Nigeria’s Q2 2026 Statistical Bulletin.

The figure rose by about 33 per cent from $1.18bn in the same period of 2025. Stronger inflows in May and June more than offset a decline in April.

May and June push quarterly total to record

Monthly data show April 2026 receipts fell to $513.81m from $597.44m in April 2025. Inflows recovered in May to $472.13m from $288.17m a year earlier. June climbed to $580.16m from $292.25m in June 2025.

June was the highest monthly inflow in the quarter. May and June together accounted for more than $1bn of the quarterly total. The Q2 2026 figure surpassed the previous high of about $1.47bn recorded in the third quarter of 2024. It also beat the previous Q2 record of about $1.26bn in 2024.

The latest numbers extend growth from the first quarter of 2026, when IMTO inflows reached $1.29bn. That was up 45 per cent from $888.47m in the first quarter of 2025.

Recovery follows mixed 2025

Historical data show Q2 inflows stood at $551.86m in 2019, $482.58m in 2020, $638.19m in 2021, $954.61m in 2022 and $810.84m in 2023. Receipts rose to $1.26bn in 2024 before falling to $1.18bn in 2025 and rebounding to $1.57bn in Q2 2026.

Inflows also reached about $1.40bn in the fourth quarter of 2025. The CBN data indicates the recovery has continued into 2026. The Q2 performance marks a turnaround from the first half of 2025, when IMTO inflows fell by 11.78 per cent to $2.07bn.

CBN tightens IMTO oversight

The increase comes as the CBN works to improve transparency and strengthen oversight of diaspora remittances. 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 meant to improve monitoring of remittance transactions and strengthen transparency in the foreign exchange market.

The move followed changes to the operating framework in January 2024, when the CBN removed the cap on exchange rates quoted by IMTOs. Previously, operators had to quote rates within a band of minus or plus 2.5 per cent around the previous day’s closing rate on the Nigerian Foreign Exchange Market. The regulator also issued revised guidelines for IMTO operations.

The figures show more foreign currency moving through formal IMTO channels in the first half of 2026, even as the CBN tightens monitoring of the market.