Nigeria received $11.12 billion in personal transfers, including workers’ remittances, in the first half of 2026, as diaspora inflows strengthened in the second quarter.
The figure, based on an analysis of Central Bank of Nigeria (CBN) balance of payments data, represents a 9.8% increase in quarterly inflows, from $5.30 billion in Q1 to $5.82 billion in Q2.
Remittances boost external inflows
The Q2 increase added $520 million to the $5.30 billion recorded in the first quarter, taking total personal transfers for January to June to $11.12 billion.
Personal transfers form part of the current account’s secondary income and constitute an important source of foreign exchange inflows for Nigeria.
The rise also coincided with a stronger current account position. Nigeria’s current account surplus increased by 67.9% to $7.54 billion in Q2, from $4.49 billion in Q1, supported by higher export receipts and increased diaspora transfers.
The CBN has intensified efforts to channel remittances through formal financial institutions, with inflows through International Money Transfer Operators (IMTOs) reaching a record $1.29 billion in Q1 2026, up 45% from $888.47 million in the corresponding period of 2025.
However, the IMTO figure and the broader personal-transfer data are different measures and should not be treated as interchangeable.
CBN targets $1bn monthly remittances
The CBN is targeting $1 billion in monthly diaspora remittances by the end of 2026, compared with the reported current level of more than $600 million per month.
The target is part of efforts to increase formal remittance inflows and strengthen Nigeria’s foreign exchange position.
There is no comparable first-half 2025 figure in the CBN balance of payments data reviewed for the report, meaning a year-on-year comparison for the $11.12 billion figure cannot currently be established.
Nigeria received close to $20 billion in remittances in 2024, underscoring the significance of diaspora funds to the country’s external receipts.
