Diaspora remittances into Nigeria have hit a record monthly high of $600 million, driven by FX market reforms that narrowed the gap between official and parallel market rates, encouraging formal channels. The Central Bank of Nigeria’s (CBN) incentive approach and licensing of new International Money Transfer Operators (IMTOs) have reduced transfer costs, making official remittance platforms more appealing.
The CBN’s efforts to enhance liquidity in Nigeria’s foreign exchange market have paid off, with remittances becoming a key pillar for reserves stability. Analysts describe the surge as a result of improved transparency, settlement efficiency, and reporting. The CBN projects diaspora remittances to reach $1 billion monthly by 2026.
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