Diaspora remittances hit record $1.57B in Q2 2026 as CBN reforms take effect
Nigeria's diaspora remittances through official channels surged to $1.57 billion in Q2 2026 (April–June), the highest quarterly total since 2019, according to the CBN's latest Statistical Bulletin. The 33% jump from $1.18 billion in Q2 2025 was driven by strong May ($472M) and June ($580M) inflows, which more than offset April's decline to $514M. June posted the single highest monthly figure of the quarter.
This continues a clear upward trend: Q1 2026 already hit $1.29 billion (up 45% year-on-year), and the previous all-time quarterly high was Q3 2024 at $1.47 billion. For context, Q2 inflows were just $552M in 2019—meaning official remittances have nearly tripled in seven years.
The surge coincides with CBN regulatory changes. In March 2026, the apex bank ordered all IMTOs to maintain naira settlement accounts with authorised dealer banks, tightening oversight of diaspora flows. This followed the January 2024 removal of the exchange rate cap that previously forced IMTOs to quote within ±2.5% of the previous day's market close.
For anyone receiving dollars from abroad, more funds are now entering the formal system—potentially improving forex liquidity and narrowing the parallel market premium. But the real test is whether banks and IMTOs pass through competitive rates to recipients, or if the new settlement layer adds friction.
If you receive regular diaspora inflows, compare what your IMTO actually pays out versus the official NAFEM rate—the gap is where your money disappears.