By Abubakar Yunusa
Nigeria’s international money transfer inflows rose by 33 per cent year-on-year to $1.57bn in the second quarter of 2026, setting a new quarterly record, according to data from the Central Bank of Nigeria.
The figure, contained in the CBN’s Q2 2026 Statistical Bulletin, represents an increase from the $1.18bn recorded in the corresponding period of 2025.
It also surpassed the previous quarterly record of about $1.47bn posted in the third quarter of 2024.
The latest increase was driven largely by stronger inflows in May and June, which more than offset a decline recorded in April.
CBN data showed that remittances stood at $513.81m in April 2026, down from $597.44m in April 2025.
However, inflows rose sharply in May to $472.13m from $288.17m recorded in the same month of the previous year.
June recorded the highest monthly inflow of the quarter, at $580.16m, compared with $292.25m in June 2025.
The second-quarter performance also exceeded the previous high for the same period, when inflows reached approximately $1.26bn in 2024.
Historical figures showed that Nigeria received $551.86m in the second quarter of 2019, $482.58m in 2020, $638.19m in 2021, $954.61m in 2022 and $810.84m in 2023.
The amount rose to about $1.26bn in 2024 before dropping to $1.18bn in 2025 and climbing to $1.57bn in the second quarter of 2026.
The latest figures followed an increase in inflows during the first quarter of the year.
According to an earlier report by Nairametrics, international money transfer inflows rose to $1.29bn in the first quarter of 2026, representing a 45 per cent increase from $888.47m recorded in the corresponding period of 2025.
The figures point to stronger diaspora remittances in the first half of 2026, following a decline in receipts during the same period of 2025.
The increase comes amid regulatory measures introduced by the CBN to improve transparency and strengthen oversight of international money transfers.
In March 2026, the apex bank directed all International Money Transfer Operators operating in Nigeria to open and maintain naira settlement accounts with authorised dealer banks.
The directive was aimed at tightening oversight of diaspora remittances and improving transparency in the foreign exchange market.
The move followed changes introduced in January 2024, when the CBN removed the cap on exchange rates quoted by IMTOs.
Before the change, operators were required to quote rates within a range of minus 2.5 per cent to plus 2.5 per cent around the previous day’s closing rate on the Nigerian Foreign Exchange Market.
The bank subsequently issued revised guidelines governing IMTO operations.
The latest performance marks a recovery from the decline recorded in the first half of 2025, when remittance inflows fell by 11.78 per cent compared with the corresponding period of 2024.
Despite the record inflows, the data alone do not establish how much of the increase resulted from the CBN’s regulatory changes or other factors, including exchange-rate incentives and the timing of transfers.
