Nigeria recorded $11.12 billion in personal transfers, including workers' remittances, during the first half of 2026, according to Nairametrics' analysis of the Central Bank of Nigeria's Balance of Payments Highlights for the first and second quarters.
The inflows climbed from $5.30 billion in the first quarter to $5.82 billion in the second quarter, a quarterly increase of $520 million, or 9.8%. The figures highlight the continued importance of diaspora-related transfers to Nigeria's external receipts, as the CBN works to attract more remittances through formal channels.
Comparable figures for the first half of 2025 were not yet available in the CBN's Balance of Payments reports at the time of filing, so a year-on-year comparison could not be established. For context, Nigeria received close to $20 billion in remittances in 2024, while Africa as a whole attracted nearly $100 billion.
The rise in personal transfers coincided with an improvement in Nigeria's current account position. The current account surplus rose by 67.9% to $7.54 billion in Q2 2026, from $4.49 billion in the preceding quarter, supported by stronger export receipts and higher diaspora remittances. Personal transfers form part of the current account's secondary income, making them an important source of foreign exchange inflows alongside exports and other external receipts.
Inflows through International Money Transfer Operators also recorded strong growth in early 2026. CBN data showed IMTO inflows reached a record $1.29 billion in Q1 2026, up 45% from $888.47 million in the corresponding period of 2025. The increase points to growing volumes through formal remittance channels, although IMTO inflows and the broader personal-transfer measure are distinct indicators and should not be treated as interchangeable.
The CBN is targeting $1 billion in monthly diaspora remittances by the end of 2026, compared with a reported current level of more than $600 million per month. The target reflects the apex bank's efforts to attract more diaspora funds through formal channels and strengthen foreign exchange inflows.
Nairametrics earlier reported that Nigeria's external reserves have grown by $7.09 billion since the beginning of 2026. The latest position has now surpassed the CBN's projected reserve level of approximately $51.04 billion for the whole of 2026.
