The amount of remittances sent into Nigeria by members of the Nigerian diaspora through International Money Transfer Operators in the second quarter of 2026 rose to $1.57billion after increased flows in dollars during May and June.
The figure in Q2 was above the previous highest total of $1.47billion in Q3 of 2024, according to figures from the Central Bank of Nigeria (CBN).
The News Chronicle reports that this represents an increase of around 33 percent compared with $1.18 billion seen in the same period last year, according to The News Chronicle.
The data shows remittances in May were up to $513.81 million in April, before reaching $472.13 million and rose further to $580.16 million in June. The highest monthly figure came in June.
The latest figures build on the momentum seen in the first quarter which saw remittances rise to $1.29 billion, up 45% from $888.47 million.
The increase comes after the CBN implemented a series of measures seeking to increase oversight of the international money transfer sector.
In March 2026 the apex bank told international money transfer operators they should maintain settlement accounts in naira with authorised dealer banks.
The increase in remittances is a key source of forex for Nigeria, however it will depend on continued flows in future quarters.
