Nigeria’s remittance inflows through international money transfer operators reached $2.85 billion in the first half of 2026. That is a seven-year high. The figure was 38.16% higher than the $2.07 billion recorded in the same period of 2025. June posted the largest monthly inflow at $580.16 million. The Central Bank of Nigeria disclosed the data.
Nigeria’s diaspora remits over $20 billion annually. The flows are the largest source of foreign exchange after oil. For years, remittances went through informal channels. The naira’s multiple exchange rates created arbitrage. In 2023, the government floated the naira. It unified the exchange rate. That reduced the gap between official and parallel rates. Formal channels became more attractive. The CBN introduced incentives for remittance flows. It partnered with fintechs to reduce transfer costs. The current data reflects those policies.
The increase coincided with a stronger naira and rising external reserves. The naira has gained 7.29% this year. It traded at ₦1,333.65/$ at the official market on Tuesday. External reserves reached an 18-year high of $55.12 billion on 19 October. CBN Governor Olayemi Cardoso said improved exchange-rate stability could support long-term naira-denominated financing by reducing currency risks. The naira’s stability depends on continued remittance inflows, reserve accumulation and sufficient foreign exchange liquidity.
The data matters for the naira. Remittances support reserves. They fund household consumption. They also support investment. The naira’s stability depends on FX inflows. Oil revenues are volatile. Remittances are steadier. The CBN wants to deepen formal channels further.
The risks remain. Global economic conditions affect diaspora incomes. A recession in the UK or US would reduce transfers. The naira’s stability could reverse. The CBN must sustain the policies that made formal channels attractive. If costs rise or delays return, flows could go informal again.
Winners: The CBN, which shows policy success. The Federal Government, which gains reserves. Diaspora families, who receive more naira. Banks and fintechs, which gain fees. The naira, which gains support. Losers: Informal remittance operators, who lose business. Currency speculators, who lose arbitrage. Nigerians without diaspora connections, who see no direct benefit. The economy, if flows reverse.
Bottom Line: Remittances hit $2.85 billion. The naira is stronger. Reserves are at an 18-year high. The diaspora is the backbone. Nigeria must keep the policies that made this possible.