Nigeria’s inflows through International Money Transfer Operators (IMTOs) climbed to a record $1.57 billion in the second quarter of 2026, driven by stronger remittance receipts in May and June, according to the Central Bank of Nigeria (CBN).
The figure represents an increase of about 33 per cent from the $1.18 billion recorded in the corresponding period of 2025, marking the highest second-quarter inflow in the available data series from 2019 to 2026.
Data from the CBN’s Q2 2026 Statistical Bulletin show that the latest quarterly receipts also surpassed the previous high for the second quarter, recorded at approximately $1.26 billion in 2024.
Nairametrics reported that the quarterly performance followed a strong first quarter, when IMTO inflows reached $1.29 billion, up 45 per cent from $888.47 million in the same period of 2025.
The latest figures indicate that remittance inflows strengthened further in the first half of 2026, despite a decline in April receipts compared with the same month last year.
Monthly data show that Nigeria received $513.81 million through IMTOs in April 2026, down from $597.44 million in April 2025.
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👉 JOIN GISTSMATE WHATSAPP CHANNELInflows recovered in May, rising to $472.13 million from $288.17 million a year earlier. June recorded the strongest performance, with receipts reaching $580.16 million, compared with $292.25 million in June 2025.
The sharp increases in May and June more than offset April’s decline, pushing the quarterly total to a new high.
The figures also reflect a broader rise in remittance receipts in recent years, although inflows have fluctuated across individual quarters.
Second-quarter receipts stood at 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.
Inflows rose to about $1.26 billion in the second quarter of 2024 before declining to $1.18 billion in the corresponding period of 2025. The latest total of $1.57 billion marks a significant recovery.
The data also show that third-quarter inflows reached approximately $1.47 billion in 2024, while the fourth quarter of 2025 recorded about $1.40 billion.
The increase in remittance receipts comes amid regulatory changes by the CBN aimed at improving transparency and strengthening oversight of international money transfers.
In March 2026, the apex bank directed all IMTOs operating in Nigeria to open and maintain naira settlement accounts with authorised dealer banks. The measure was intended to improve monitoring of diaspora remittances and enhance transparency in the foreign exchange market.
The directive followed earlier reforms introduced in January 2024, when the CBN removed the cap on exchange rates quoted by IMTOs. Previously, operators were required to quote rates within a range of 2.5 per cent above or below the previous day’s closing rate on the Nigerian Foreign Exchange Market.
The bank also issued revised guidelines for IMTO operations in January 2024 as part of efforts to adjust the regulatory framework governing the sector.
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