Nigeria’s Diaspora Remittances Surge 97% YoY to $107.47 Million in January 2026
Nigeria’s diaspora remittances have shown remarkable resilience, with total inflows reaching $1.22 billion in 2025 and maintaining strong momentum into 2026, according to the latest data from the Central Bank of Nigeria (CBN). These funds, sent by Nigerians living abroad, continue to play a critical role in supporting households and strengthening the country’s foreign exchange reserves.
In January 2026, direct remittances totaled $107.47 million, marking a 97.4% increase from $54.44 million in the same month last year. This surge underscores both the growing traction of formal channels and a strengthening flow of funds from the diaspora, reflecting confidence in the official banking system and improved accessibility for international money transfers.
Tracking the monthly trend from January 2025 through January 2026 reveals a dynamic but upward pattern. After opening at $54.44 million in January 2025, remittances surged to $125.59 million in February, dipped moderately in March, and fluctuated through the year with strong rebounds in May, August, September, November, and December. The year-end peaks of $200.31 million in December set a high base for the start of 2026.
Despite a 46.4% month-on-month moderation in January 2026, the figure remained far above the prior year, reflecting an underlying strengthening of the remittance ecosystem. Analysts note that intermittent volatility is typical, but overall inflows show a positive trajectory, supported by policy reforms, improved liquidity in official foreign exchange markets, and initiatives to deepen formal channels.
Experts believe that sustained diaspora inflows can serve as a reliable source of foreign exchange and help stabilize Nigeria’s economy. As Nigerians abroad continue to send money home, these remittances not only support families but also reinforce the financial system, providing a lifeline that supplements government efforts to bolster economic growth.
source: This day