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

In the first half of 2026, Nigeria received $11.12 billion in personal transfers, including workers' remittances, according to Nairametrics' analysis of the Central Bank of Nigeria's (CBN) Balance of Payments Highlights for the first and second quarters. The inflows climbed from $5.30 billion in Q1 to $5.82 billion in Q2, marking a quarterly increase of $520 million, or 9.8%.

These figures underscore the continued significance of diaspora-related transfers to Nigeria's external receipts, as the Central Bank works to promote more remittances through official channels. The personal transfers surged to $5.82 billion in Q2 2026 from $5.30 billion in Q1, contributing to total inflows of $11.12 billion for the first six months of the year.

Nigeria received around $20 billion in remittances in 2024, while Africa as a whole garnered nearly $100 billion, emphasizing the magnitude of remittance flows to the continent. The rise in personal transfers aligned with an improvement in Nigeria's current account position. The nation's current account surplus expanded by 67.9% to $7.54 billion in Q2 2026, up from $4.49 billion in the previous quarter, driven by stronger export receipts and elevated diaspora remittances.

The uptick points to increasing volumes via formal remittance channels, though IMTO inflows and the broader personal-transfer measure are separate indicators and should not be considered interchangeable. The Central Bank aims to achieve $1 billion in monthly diaspora remittances by year-end 2026, compared to the present level of over $600 million per month.

Nairametrics previously reported that Nigeria's external reserves have surged by $7.09 billion since the start of 2026.