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Nigeria Receives $11.12bn in Personal Transfers in H1 2026
Nigeria recorded $11.12 billion in personal transfers, including workers’ remittances, in the first half of 2026, according to the Central Bank of Nigeria’s Balance of Payments Highlights.
Inflows rose from $5.30bn in Q1 to $5.82bn in Q2, representing a 9.8% quarterly increase. The figures underscore the importance of diaspora-related transfers to Nigeria’s external receipts as the CBN intensifies efforts to channel remittances through formal systems.
Although year-on-year comparisons were unavailable, Nigeria received nearly $20bn in remittances in 2024, while Africa as a whole attracted close to $100bn, highlighting the continent’s reliance on diaspora inflows.
The increase coincided with a stronger current account position. Nigeria’s surplus rose 67.9% to $7.54bn in Q2, supported by higher export receipts and remittances. Personal transfers form part of secondary income in the current account, making them a critical source of foreign exchange.
Inflows through International Money Transfer Operators (IMTOs) also grew sharply. CBN data showed IMTO inflows hit a record $1.29bn in Q1 2026, up 45% from $888.47m in Q1 2025, reflecting rising use of formal channels.
The CBN is targeting $1bn in monthly diaspora remittances by year-end, compared with current levels of over $600m per month. The $11.12bn received so far highlights progress toward that goal.
Nigeria’s external reserves have also grown by $7.09bn since January, surpassing the CBN’s projected reserve level of $51.04bn for 2026, further supported by remittance inflows.
