Nigeria receives $11.12 billion in personal transfers in first half of 2026

Nigeria received $11.12 billion in personal transfers, including workers’ remittances, in the first half of 2026.

This is according to Nairametrics’ analysis of the Central Bank of Nigeria’s (CBN) Balance of Payments Highlights for the first and second quarters.

The inflows increased from $5.30 billion in the first quarter to $5.82 billion in the second quarter, representing a quarterly rise of $520 million, or 9.8%.

The figures highlight the continued importance of diaspora-related transfers to Nigeria’s external receipts, amid efforts by the CBN to attract more remittances through formal channels.

What the data is saying

Personal transfers rose to $5.82 billion in Q2 2026 from $5.30 billion in Q1, bringing total inflows for the first six months of the year to $11.12 billion.

As of the time of filing this report, checks of the CBN’s Balance of Payments reports had not yet provided corresponding data on personal transfers for the first half of 2025.
As a result, a year-on-year comparison for the period cannot be established from the available figures.

Nigeria received close to $20 billion in remittances in 2024, while Africa as a whole attracted nearly $100 billion, underscoring the scale of remittance flows to the continent.

Get up to speed

The increase in personal transfers coincided with an improvement in Nigeria’s current account position.

The country’s current account surplus rose by 67.9% to $7.54 billion in Q2 2026, from $4.49 billion in the preceding quarter, supported by stronger export receipts and higher diaspora remittances.

Personal transfers form part of the current account’s secondary income, making them an important source of foreign exchange inflows alongside exports and other external receipts.
Inflows through International Money Transfer Operators (IMTOs) also recorded strong growth in early 2026.
CBN data showed that IMTO inflows reached a record $1.29 billion in Q1 2026, up 45% from the $888.47 million recorded in the corresponding period of 2025.

The increase points to growing volumes through formal remittance channels, although IMTO inflows and the broader personal-transfer measure are distinct indicators and should not be treated as interchangeable.

What you should know

The CBN is targeting $1 billion in monthly diaspora remittances by the end of 2026, compared with a reported current level of more than $600 million per month.

The target reflects the apex bank’s efforts to attract more diaspora funds through formal channels and strengthen foreign exchange inflows.
The $11.12 billion received in personal transfers during the first half of 2026 highlights the role of remittances in Nigeria’s external receipts.

Nairametrics earlier reported that Nigeria’s external reserves have grown by $7.09 billion since the beginning of 2026.