Introduction

Nigeria posted $11.12 billion in personal transfers, workers' remittances included, during the first half of 2026. The figure underscores the expanding role of diaspora funds in the nation's external finances and highlights remittances as a cornerstone of Nigeria's foreign exchange inflows.

What Happened

Personal transfers rose from $5.30 billion in the first quarter to $5.82 billion in the second quarter, marking a $520 million quarterly gain, or 9.8% increase. Total inflows for the first six months of the year reached $11.12 billion. Separately, international money transfer operator (IMTO) inflows hit a record $1.29 billion in Q1 2026, up 45% from the same period in 2025, signaling stronger formal channel activity.

Why This Matters

Personal transfers constitute a key component of the current account's secondary income and serve as a significant source of foreign exchange inflows alongside exports. Nigeria's current account surplus climbed 67.9% to $7.54 billion in Q2 2026, from $4.49 billion in the previous quarter, buoyed by stronger export earnings and higher diaspora remittances. The Central Bank of Nigeria is targeting $1 billion in monthly diaspora remittances by the end of 2026, up from the current monthly average of more than $600 million.

Key Takeaways

  • Nigeria recorded $11.12 billion in personal transfers in H1 2026, up 9.8% quarter-on-quarter.
  • Current account surplus expanded significantly, reflecting the growing importance of diaspora inflows.
  • IMTO channels demonstrated strong growth, reaching $1.29 billion in Q1 2026.
  • CBN aims to attract $1 billion monthly in diaspora remittances by year-end 2026.
  • External reserves surpassed the bank's full-year 2026 projection, growing $7.09 billion since the start of 2026.

Conclusion

The first-half 2026 figures highlight the resilience of Nigeria's remittance sector and its contribution to external sector stability. As the CBN pushes for formal channel adoption, personal transfers are set to remain a cornerstone of the country's foreign exchange earnings, complementing export performance and supporting the overall economic outlook.