Nigeria recorded $2.85 billion in diaspora remittance inflows through licensed international money transfer operators (IMTOs) between January and June 2026, an increase of 38.16 per cent compared with the $2.07 billion recorded during the corresponding period in 2025.
The figures, reported by “Independent Newspaper” on November 2, were attributed to data from the Central Bank of Nigeria (CBN).
The increase represents a stronger flow of foreign currency through regulated remittance platforms, which provide a formal channel for Nigerians living abroad to send money to beneficiaries at home.
June Records Strongest Monthly Inflow
Monthly figures cited in the report showed that June recorded the highest inflow during the six-month period, at $580.16 million.
The development comes as Nigeria continues to pursue stronger foreign exchange inflows and greater liquidity in the official market.
A separate “Guardian Nigeria report” published on October 26 also highlighted the 38.16 per cent increase, noting that sustaining the growth would depend partly on exchange rate stability, lower transfer costs and confidence in formal payment systems.
Formal Transfers Do Not Represent All Remittances
However, the increase in transfers recorded through licensed operators should not automatically be interpreted as an equivalent rise in the total amount sent home by Nigerians abroad.
Some of the growth may reflect transactions that previously passed through informal channels moving into regulated platforms, rather than entirely new remittance inflows.
The cost of sending money, exchange rates offered by transfer providers, settlement speed and confidence in payment services remain important factors influencing whether recipients use formal channels.
Making regulated services more competitive and transparent could encourage more Nigerians abroad to use official platforms, while improving the reliability of remittance data would help authorities assess the sector’s contribution more accurately.
The latest figures point to the growing importance of diaspora transfers to Nigeria’s external finances, although sustaining the increase will require improvements in the accessibility and competitiveness of formal remittance services.
