Nigeria’s inflows through International Money Transfer Operators (IMTOs) rose to $1.57 billion in the second quarter of 2026, the highest quarterly total between 2019 to 2026.
According to the Central Bank of Nigeria’s (CBN) Q2 2026 Statistical Bulletin, the increase reflected strong inflows in May and June.
The latest figure surpassed the previous quarterly high in the available series, recorded in Q3 2024 at $1.47 billion.
IMTO inflows reach $1.57 billion
CBN data show that IMTO inflows totalled approximately $1.57 billion between April and June 2026, up from $1.18 billion in the corresponding period of 2025, an increase of about 33%.
- April inflows stood at $513.81 million, down from $597.44 million in April 2025.
- May inflows increased to $472.13 million, compared with $288.17 million a year earlier.
- June recorded $580.16 million, up from $292.25 million in June 2025.
The stronger inflows in May and June more than offset April’s year-on-year decline. June also recorded the highest monthly inflow of the quarter.
The quarterly total exceeded the previous second-quarter high of approximately $1.26 billion recorded in 2024.
How quarterly inflows compare historically
The monthly figures show that quarterly IMTO inflows have varied considerably since 2019, with a broader increase in the amounts recorded in recent years.
Q2 inflows were approximately $551.86 million in 2019, $482.58 million in 2020, $638.19 million in 2021, $954.61 million in 2022 and $810.84 million in 2023. They then rose to $1.26 billion in 2024, before easing to $1.18 billion in 2025.
The latest quarterly performance represents a new high against these previous second-quarter totals. The monthly series also shows that Q3 2024 inflows reached approximately $1.47 billion, while Q4 2025 recorded about $1.40 billion.
Nairametrics previously reported that IMTO inflows reached $1.29 billion in Q1 2026, representing a 45% increase from $888.47 million in the same quarter of 2025. The latest figures show that inflows strengthened further in the second quarter.
CBN tightens IMTO regulations
The increase in remittance inflows comes amid regulatory changes introduced by the CBN to strengthen oversight of international money transfers and improve transparency in the foreign exchange market.
- In March 2026, the apex bank directed all IMTOs operating in Nigeria to open and maintain naira settlement accounts with authorised dealer banks. The directive was aimed at tightening oversight of diaspora remittances and improving transparency in the FX market.
- The move followed earlier changes to the sector’s operating framework. In January 2024, the CBN removed the cap on exchange rates quoted by IMTOs. Before the change, operators were required to quote rates within a range of -2.5% to +2.5% around the previous day’s closing rate on the Nigerian Foreign Exchange Market.
- The CBN subsequently issued revised guidelines for IMTO operations at the end of January 2024, further adjusting the rules governing the sector.
The performance follows a decline in IMTO inflows during the first half of 2025, when receipts fell by 11.78% compared with the same period in 2024, according to an earlier Nairametrics report. The latest data therefore show a stronger remittance inflow trend in the first half of 2026.
