Nigeria recorded $1.57 billion in diaspora remittance inflows through International Money Transfer Operators (IMTOs) in the second quarter of 2026, the highest quarterly figure in seven years, according to the Central Bank of Nigeria’s (CBN) Q2 2026 Statistical Bulletin.
The amount represents an increase of approximately 33 per cent from the $1.18 billion recorded in the corresponding period of 2025. It also surpasses the previous quarterly record of approximately $1.47 billion recorded in Q3 2024.
The Nigerians in Diaspora Commission (NiDCOM) welcomed the development, describing it as evidence of the growing contribution of Nigerians abroad to the country’s economic growth and stability.
NiDCOM Chairman and Chief Executive Officer, Abike Dabiri-Erewa, said the latest performance underscored the importance of remittances to Nigeria’s economy.
In a statement issued on Friday, the Commission noted that the figures showed “the growing significance of diaspora remittances as a vital source of foreign exchange, household support and economic resilience for Nigeria.”
A breakdown of the CBN figures shows that inflows through IMTOs stood at $513.81 million in April 2026, compared with $597.44 million in the corresponding month of 2025.
Receipts recovered in May, rising to $472.13 million from $288.17 million a year earlier, while June recorded the strongest performance of the quarter, with inflows reaching $580.16 million against $292.25 million in June 2025.
The Q2 performance also extended the recovery recorded in the first quarter of 2026, when IMTO inflows reached $1.29 billion, representing a 45 per cent increase from the $888.47 million recorded in Q1 2025.
NiDCOM said the upward trend reflected the continued commitment of Nigerians abroad to supporting their families and contributing to the domestic economy.
The Commission stated that it “considers this upward trajectory as an indication to the enduring commitment of Nigerians abroad to the well-being of families at home and the broader development of the Nigerian economy.”
It added that remittances could strengthen foreign exchange supply when channelled through formal financial institutions.
“Beyond supporting household consumption, diaspora remittances have the potential to strengthen foreign exchange supply through formal financial channels, improve transparency in the currency market and contribute to greater economic stability,” the Commission said.
NiDCOM also emphasised the importance of maintaining confidence in regulated money transfer channels to sustain the increase in formal remittance receipts.
“The continued growth in formal remittance inflows also highlights the importance of building confidence in regulated transfer channels and creating an enabling environment for diaspora investments,” the Commission added.