Inflows through International Money Transfer Operators (IMTOs) rose to a record $1.29 billion in the first quarter of 2026, representing a 45% increase from the $888.47 million recorded in the corresponding period of 2025.
The latest figures were contained in the Central Bank of Nigeria’s (CBN) Q1 2026 Statistical Bulletin and indicate stronger remittance flows through formal channels.
IMTO inflows increased consistently throughout the first quarter, with January recording the highest monthly figure of $506.66 million.
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This was followed by $402.13 million in February and $377.93 million in March.
The first-quarter total was about $398.26 million higher than the $888.47 million recorded in Q1 2025.
The growth was driven by increases across the three months. February inflows rose from $288.82 million in the same month of 2025, while March increased from $317.60 million recorded a year earlier.
The latest performance adds to the upward trend in formal remittance inflows recorded in 2025. April 2025 saw $597.44 million, the highest monthly IMTO inflow for that year, while December recorded $511.11 million. October and November also recorded $485.65 million and $402.25 million, respectively.
The stronger inflows come as the CBN continues efforts to improve transparency and oversight in the remittance market and strengthen the foreign exchange system.
The increase in formal remittances also provides an additional source of foreign exchange liquidity for the Nigerian economy, while giving greater visibility to funds sent home by Nigerians living abroad.
However, the rise in remittance inflows does not necessarily mean that all the additional funds are available for investment, as remittances are also used for household consumption, education, healthcare and other personal needs.
The record first-quarter performance nonetheless underscores the growing importance of diaspora remittances to Nigeria’s external financing and foreign exchange market.
