Report: Nigerian diaspora sending more money home…38% increase

Nigeria received $2.85 billion in diaspora remittances through formal international money transfer operators in the first half of 2026, representing a 38.16 per cent increase from $2.07 billion recorded during the same period in 2025.

According to BusinessDay, the increase brought an additional $788.5 million into the country and marked the highest first-half remittance total in seven years.

The growth reflects increased dollar inflows from Nigerians living abroad, providing support for households and contributing to foreign exchange supply.

June recorded the highest monthly inflow during the six-month period, at $580.16 million, followed by April with $513.81 million and January with $507.91 million.

The rise also coincided with improved foreign exchange conditions and stronger external reserves, which can help cushion the economy against external pressures.

However, sustaining the growth will depend on continued remittance inflows, confidence in Nigeria’s financial system and policies that encourage transfers through formal channels.

Remittances remain an important source of foreign currency for Nigeria, supporting families and contributing to the country’s external financial position.