Nigeria’s inflows through International Money Transfer Operators (IMTOs) surged to a record $1.29 billion in the first quarter of 2026, marking a 45% increase compared with the $888.47 million recorded in the same period of 2025. The latest figures from the Central Bank of Nigeria’s (CBN) Q1 2026 Statistical Bulletin highlight a stronger flow of diaspora funds through formal remittance channels and offer a fresh boost to the country’s foreign exchange market.
The growth was recorded across all three months of the quarter, although January stood out as the strongest performer. IMTO inflows climbed to $506.66 million in January, before moderating to $402.13 million in February and $377.93 million in March. Despite the month-on-month decline after January, each month still recorded a significant year-on-year increase, with February and March rising from $288.82 million and $317.60 million respectively in 2025.
Overall, the first-quarter figure was about $398.26 million higher than the corresponding period last year. The performance also surpassed the combined first-quarter IMTO inflows recorded in each year from 2019 to 2025 in the available data, signalling the growing importance of formal remittance channels to Nigeria’s foreign exchange inflows. The strong result also builds on the momentum seen in 2025, when monthly IMTO inflows reached $597.44 million in April, while December recorded $511.11 million.
The latest improvement comes amid a series of CBN measures aimed at strengthening oversight and improving transparency in the remittance and foreign exchange market. In March 2026, the apex bank directed IMTOs operating in Nigeria to open and maintain naira settlement accounts with authorised dealer banks. Earlier reforms also removed the previous cap on exchange rates quoted by IMTOs and introduced revised operational guidelines for international money transfer operators.
The record $1.29 billion IMTO inflow in Q1 2026 adds to a broader improvement in Nigeria’s foreign exchange position, with the country recording $109.86 billion in total FX inflows in 2025, according to CBN data. As diaspora remittances continue to strengthen through formal channels, the latest figures could provide additional support for liquidity in the FX market while highlighting the growing economic contribution of Nigerians living and working abroad.
source: nairametrics
