Remittances has surged as much as 50% and Nigerian business and families continue to depend on friends and relatives abroad for economic survival
Nigerians living abroad sent $3.8 billion to the country through formal international money transfer channels in the first seven months of 2026, representing a 50.2 per cent increase from the $2.5 billion recorded during the corresponding period of 2025.
The figures from the Central Bank of Nigeria (CBN) underscore the growing role of diaspora remittances in supporting households facing high living costs and providing foreign exchange inflows for the economy.
July recorded the highest monthly inflow since the CBN began publishing the data series in 2019, with Nigerians abroad sending home $947 million through International Money Transfer Operators (IMTOs).
The amount was more than double the $464.8 million recorded in July 2025, reflecting a sharp increase in funds channelled into Nigeria through formal remittance services.
For many families, money sent by relatives overseas helps cover essential expenses, including food, rent, school fees, healthcare and other household needs.
The inflows also provide foreign exchange to the economy as authorities pursue measures to stabilise the naira and strengthen external reserves.
Data for the first half of 2026 showed that Nigeria received $2.85 billion in diaspora remittances, up 38 per cent from $2.07 billion recorded between January and June 2025.
June alone accounted for $580.2 million, almost twice the $292.2 million received in the same month a year earlier.
The strong June performance was followed by July’s record inflow, bringing the country closer to the CBN’s target of attracting $1 billion in monthly diaspora remittances before the end of 2026.
CBN Governor Olayemi Cardoso expressed optimism in July that the target was within reach, adding that sustained growth could push annual remittance inflows towards $8 billion.
The apex bank has attributed the increase to foreign exchange market reforms, changes affecting international money transfer operators, the introduction of the Non-Resident Bank Verification Number and measures aimed at improving transparency and efficiency in remittance transactions.
The measures also require remittances to pass through designated settlement accounts with authorised dealer banks to improve the visibility of foreign exchange inflows and strengthen formal channels.
Beyond supporting household consumption, remittances contribute to economic activity through spending on education and healthcare, as well as financing for small businesses.
However, the reported $3.8 billion covers transfers through IMTOs and does not represent all funds sent to Nigeria by citizens abroad. Transfers through informal networks and other channels are not fully captured in the figure.
