Nigeria Receives $11.12 Billion in Personal Transfers in First Half of 2026

Nigeria received $11.12 billion in personal transfers, including workers’ remittances, during the first half of 2026, according to an analysis of Central Bank of Nigeria (CBN) Balance of Payments data. The figure highlights the continued importance of money sent by Nigerians and other individuals from abroad to the country’s external finances and foreign exchange inflows.

The CBN data shows that personal transfers increased from $5.30 billion in the first quarter to $5.82 billion in the second quarter, representing a quarterly increase of $520 million, or about 9.8 per cent.

The second-quarter increase brought total personal transfers for the first six months of the year to $11.12 billion. The growth also coincided with an improvement in Nigeria’s current account position. The country recorded a $7.54 billion current account surplus in Q2, up 67.9 per cent from $4.49 billion in Q1, supported by stronger export receipts and personal transfers.

Separate CBN figures show that inflows through International Money Transfer Operators (IMTOs) reached $1.29 billion in the first quarter of 2026, representing a 45 per cent increase from the $888.47 million recorded in the same period of 2025.

However, the broader personal-transfer figure and IMTO inflows are different measures and should not be treated as interchangeable.

The increase comes as the CBN continues efforts to encourage Nigerians in the diaspora to send funds through formal channels. The apex bank has introduced measures aimed at strengthening transparency and compliance in international money-transfer operations.

The CBN is targeting $1 billion in monthly diaspora remittances by the end of 2026, compared with reported current flows of more than $600 million per month. The latest figures reinforce the role of diaspora-related transfers as an important source of foreign exchange for Nigeria, alongside exports and other external receipts.

A year-on-year comparison for total personal transfers in the first half of 2026 was not available from the CBN data reviewed in the latest analysis, so the $11.12 billion figure should not be presented as a percentage increase from H1 2025.