ABUJA, NIGERIA — Nigeria recorded a 45 per cent surge in International Money Transfer Operator inflows during the first quarter of 2026, with remittances rising to $1.29 billion from $891 million in the same period of 2025, according to the Central Bank of Nigeria’s latest quarterly statistical bulletin.
The sharp increase represents the highest quarterly inflow recorded since the CBN introduced a series of reforms aimed at formalising remittance channels and improving foreign exchange liquidity in the Nigerian economy. The figures reflect the growing impact of policy measures designed to encourage diaspora Nigerians to channel their remittances through official channels.
The CBN’s regulatory framework, which includes guidelines on IMTO operations, payout processes, and reporting requirements, has been credited with driving the surge. According to the central bank’s data, the inflow increase was driven primarily by higher volumes of transactions through licensed IMTOs, which have been incentivised to operate transparently and competitively in Nigeria’s remittance market.
The $1.29 billion inflow represents a 27.4 per cent quarter-on-quarter increase from the $1.01 billion recorded in the fourth quarter of 2025, indicating sustained momentum in remittance flows. The positive trajectory has been attributed to the CBN’s ongoing efforts to reduce the disparity between official and parallel market exchange rates, which had historically incentivised the use of informal channels.
“The reforms have created a more transparent and efficient remittance ecosystem,” said a senior CBN official. “We are seeing increased confidence among diaspora Nigerians, who now have greater assurance that their funds will be processed quickly and transparently through formal channels.”
The surge in IMTO inflows also reflects broader trends in the global remittance market, with Nigeria remaining one of the largest recipients of diaspora remittances in Sub-Saharan Africa. The World Bank’s latest Migration and Development Brief has projected continued growth in remittance flows to Nigeria, driven by the country’s large diaspora population and ongoing economic reforms.
Market analysts have welcomed the data, noting that increased remittance inflows contribute to foreign exchange supply, support the naira, and provide a stable source of external financing for the economy. “The 45 per cent growth is a clear indication that the CBN’s policies are working,” said a Lagos-based economist. “The challenge now is to sustain this momentum and ensure that the benefits of increased remittances are felt across the broader economy.”
The CBN has signalled its commitment to further enhancing the IMTO framework, with plans to deepen collaboration with international partners and technology providers to improve the speed and cost-effectiveness of cross-border payments. The central bank is also exploring the use of new technologies, including blockchain and digital currencies, to further streamline the remittance process and reduce transaction costs.
The strong Q1 performance is expected to set a positive tone for the remainder of 2026, with analysts projecting annual remittance inflows to exceed $5 billion for the first time since the pandemic. For Nigeria, the sustained growth in remittances represents a vital source of foreign exchange and a testament to the enduring resilience of the diaspora community’s connection to their homeland.
