Nigeria recorded a significant rise in foreign exchange inflows through International Money Transfer Operators in the first quarter of 2026, as the value surged by 45 per cent year-on-year to a record $1.29bn.
According to data from the Central Bank of Nigeria’s Q1 2026 Statistical Bulletin, IMTO inflows climbed from $888.47m in the first quarter of 2025 to $1.29bn in the period under review.
The latest figure represents an increase of $398.26m compared with the corresponding period of 2025.
January recorded the highest monthly inflow during the quarter, reaching $506.66m. February followed with $402.13m, representing a significant increase from the $288.82m recorded in the same month of 2025.
IMTO inflows stood at $377.93m in March, up from $317.60m recorded in the corresponding month of 2025.
Although monthly inflows declined after the January peak, the overall first-quarter performance remained stronger than the same period in previous years. The $1.29bn recorded in Q1 2026 surpassed the first-quarter IMTO inflows recorded in each year from 2019 to 2025, according to CBN data.
The latest growth extends the upward trend in inflows through formal remittance channels recorded in 2025.
April recorded the highest monthly IMTO inflow in 2025 at $597.44m, followed by December with $511.11m. Inflows also stood at $485.65m in October and $402.25m in November.
The increase points to a continued shift towards formal channels for diaspora remittances and foreign exchange receipts.
It also signals a recovery from the weaker performance recorded in the first half of 2025, when IMTO inflows fell by 11.78 per cent compared with the corresponding period of 2024.
The increase in inflows has coincided with efforts by the Central Bank of Nigeria to strengthen regulation and enhance transparency in the IMTO market.
In March 2026, the apex bank directed International Money Transfer Operators to open and maintain naira settlement accounts with authorised dealer banks.
The directive was designed to improve the monitoring of remittance transactions while enhancing transparency in Nigeria’s foreign exchange market.
