Introduction

Nigeria's international money transfer inflows reached a historic $1.57 billion in Q2 2026, marking a 33% increase from the same period last year and surpassing the previous quarterly record set in mid-2024. The figure underscores a sustained rebound in diaspora remittances following regulatory shifts and improved market transparency.

What Happened

According to the Central Bank of Nigeria's Q2 2026 Statistical Bulletin, quarterly IMTO inflows hit $1.57 billion, up from $1.18 billion in Q2 2025. Monthly data showed April at $513.81 million, May rising to $472.13 million from $288.17 million a year earlier, and June peaking at $580.16 million—the highest monthly total of the quarter. The second quarter's performance exceeded the prior high of approximately $1.47 billion recorded in Q3 2024.

  • Q2 2026 IMTO inflows totaled $1.57 billion, a new all-time high.
  • Year-on-year growth reached 33%, up from $1.18 billion in Q2 2025.
  • June 2026 recorded the single highest monthly inflow at $580.16 million.
  • Monthly figures: April $513.81 million, May $472.13 million, June $580.16 million.

Why This Matters

The surge reflects the impact of recent CBN policy changes, including the directive requiring IMTOs to open naira settlement accounts with authorized dealer banks and the removal of exchange rate caps introduced in January 2024. These measures have improved transparency, reduced arbitrage opportunities, and encouraged greater formal flows from the diaspora. The growth also reverses a decline seen in the first half of 2025, when remittances dropped 11.78% year-on-year.

Key Takeaways

  • Q2 2026 IMTO inflows hit $1.57 billion, a new all-time high.
  • Year-on-year growth of 33% marks the strongest quarterly increase in the available data series.
  • Monthly June figure of $580.16 million was the single highest monthly total in the quarter.
  • CBN regulatory reforms, including naira settlement accounts and exchange rate liberalization, are cited as key drivers.
  • The rebound follows a contraction in H1 2025, signaling a renewed upward trajectory for Nigeria's remittance sector.

Conclusion

With CBN reforms taking full effect and diaspora demand remaining strong, Nigeria's remittance inflows are poised for continued growth in the second half of 2026. Analysts expect the quarterly record to stand as a turning point, provided regulatory transparency is maintained and foreign exchange market conditions stabilize.