As economic hardship continues to squeeze households in Nigeria, Nigerians abroad sent $3.8bn home through formal channels in the first seven months of 2026—a 50.2 per cent increase that is helping many families pay for food, rent, school fees and medical care.

New figures from the Central Bank of Nigeria show that remittances through International Money Transfer Operators rose from $2.5bn in the same period of 2025, with July alone recording a historic $947m—the highest monthly inflow through formal channels on record.

Behind every dollar sent home is a family trying to cope: school fees, rent, food, medical bills and the rising cost of daily life. As economic pressure continues to bite in Nigeria, Nigerians living abroad are increasingly becoming a lifeline for relatives back home.

July was the strongest month on record. Nigerians abroad sent $947 million through formal channels that month, more than double the $464.8 million recorded in July 2025 and the highest monthly inflow since the CBN began publishing the data series in 2019.

The July figure also brought Nigeria close to the CBN’s target of $1 billion in monthly diaspora remittances before the end of 2026. CBN Governor Olayemi Cardoso had said in July that the country was on course to reach that milestone, with annual inflows potentially approaching $8 billion if the momentum continued.

The first half of 2026 alone recorded $2.85 billion, a 38 per cent increase from $2.07 billion in the same period last year and the highest first-half total in the CBN’s records. June was particularly strong at $580.2 million, almost double the $292.2 million received in June 2025.

For many households, the money is not an investment figure on a spreadsheet; it is survival money. It pays for food, rent, school fees, medicines and small businesses. For the wider economy, it is also an important source of foreign exchange at a time when Nigeria is working to stabilise the naira and rebuild external reserves.

The CBN attributes the rise to a more market-determined exchange rate, reforms affecting money-transfer operators, the Non-Resident Bank Verification Number and rules requiring remittances to pass through designated settlement accounts with authorised dealer banks.

However, the figures cover only transfers through IMTOs. Money sent through banks, informal channels and other means is not included, meaning the total support from Nigerians abroad is likely far higher. (LEADERSHIP)