Nigeria’s Remittance Inflows Hit Record $1.29 Billion in Q1 2026
Nigeria recorded a sharp increase in inflows through International Money Transfer Operators (IMTOs) in the first quarter of 2026, with remittances reaching a record $1.29 billion.
The figure represents a 45% increase from the $888.47 million recorded during the corresponding period in 2025, according to data contained in the Central Bank of Nigeria’s Q1 2026 Statistical Bulletin.
The latest figures point to stronger remittance activity through formal channels and mark the highest first-quarter IMTO inflow recorded in the CBN data series covering recent years.
January leads quarterly inflows
The increase was recorded across all three months of the quarter, although January accounted for the largest monthly inflow.
January recorded $506.66 million, while February and March followed with $402.13 million and $377.93 million respectively.
February’s figure was substantially higher than the $288.82 million recorded in February 2025. March inflows also increased from $317.60 million in the same month last year.
Overall, the $1.29 billion recorded in Q1 2026 was about $398.26 million higher than the $888.47 million received through IMTOs in Q1 2025.
The quarterly performance also exceeded the combined first-quarter inflows recorded in each year from 2019 to 2025, according to the CBN data.
Formal remittance channels gain momentum
The stronger inflows come amid several measures introduced by the CBN to improve transparency and oversight within Nigeria’s remittance market.
In March, the apex bank directed IMTOs operating in Nigeria to establish and maintain naira settlement accounts with authorised dealer banks. The move was aimed at strengthening monitoring of diaspora remittances and improving transparency within the foreign exchange market.
The CBN had also previously removed restrictions on the exchange rates that IMTOs could quote. In January 2024, the regulator eliminated the former permissible exchange-rate band of -2.5% to +2.5% around the previous day’s closing rate on the Nigerian Foreign Exchange Market.
The regulator subsequently introduced revised guidelines for IMTO operations, including an increase in the application fee for an IMTO licence from ₦500,000 to ₦10 million.
CBN targets higher remittance inflows
The latest increase comes as the CBN continues efforts to deepen formal remittance flows into the country.
The apex bank has previously worked with IMTOs through a Collaborative Task Force established to help double remittance inflows into Nigeria.
The renewed growth is significant for the country’s foreign exchange market because remittances provide an important source of foreign currency outside traditional export earnings and capital inflows.
Nigeria also recorded total foreign exchange inflows of $109.86 billion in 2025, representing a 13.81% increase from the $96.53 billion recorded in 2024, based on CBN data.
Outlook
The strong start to 2026 suggests that formal remittance channels could play a larger role in Nigeria’s foreign exchange market this year.
However, maintaining the momentum will depend on continued confidence in formal channels, competitive exchange rates, regulatory stability and the ease with which Nigerians abroad can send money into the country.
For the CBN, the Q1 figures provide an encouraging indication that efforts to strengthen the formal remittance market may be gaining traction.
Source: Central Bank of Nigeria data as reported by Nairametrics.
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