Nigeria received $11.12 billion in personal transfers, including workers’ remittances, during the first half of 2026, according to an analysis of Central Bank of Nigeria (CBN) Balance of Payments data.
The inflows increased from $5.30 billion in the first quarter to $5.82 billion in the second quarter, representing a quarterly increase of $520 million, or 9.8 per cent.
The figures highlight the growing importance of diaspora-related transfers to Nigeria’s foreign exchange inflows, as the CBN continues efforts to encourage Nigerians abroad to send money through formal channels.
The increase in personal transfers coincided with an improvement in Nigeria’s current account position. The country’s current account surplus rose by 67.9 per cent to $7.54 billion in Q2 2026, compared with $4.49 billion in the previous quarter.
Personal transfers form part of the current account’s secondary income and remain an important source of foreign exchange alongside exports and other external receipts.
Meanwhile, inflows through International Money Transfer Operators (IMTOs) also recorded strong growth. CBN data showed that IMTO inflows reached a record $1.29 billion in Q1 2026, representing a 45 per cent increase from the $888.47 million recorded in the same period of 2025.
The CBN has set a target of attracting $1 billion in diaspora remittances monthly by the end of 2026, compared with the reported current level of more than $600 million per month.
The $11.12 billion received in personal transfers during the first six months of 2026 underscores the significant role of remittances in Nigeria’s external receipts and foreign exchange market.
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