Nigeria's Direct Remittances Surge 97% to $107.47M in January

According to the latest international payment data released by the Central Bank of Nigeria (CBN), direct remittances to Nigeria in January 2026 amounted to $107.47 million, representing a significant year-on-year increase of 97.4% from $54.44 million recorded in January 2025. The data indicates a strong momentum in remittance inflows, with total direct remittances projected to reach $1.22 billion by 2025.

The monthly trajectory shows fluctuations, with January 2025 starting at $54.44 million, followed by a surge of 130.7% to $125.59 million in February. Subsequent months experienced varying trends, including a sharp decline in April to $37.75 million, but a recovery in May to $78.38 million.

The overall trend reflects intermittent volatility, particularly in the latter part of the year, attributed to ongoing foreign exchange reforms and improved liquidity in the official market, which aim to deepen formal remittance channels and stabilize diaspora inflows as a source of foreign exchange for the economy.