Direct Remittances Show Resilience, Jumped 97% YoY to $107.47m in January

Nume Ekeghe

Nigeria’s diaspora inflows continued to show resilience, with total direct remittances reaching $1.22 billion in 2025 and sustaining strong momentum into the new year, according to the latest international payments data released by the Central Bank of Nigeria (CBN).

In January 2026, remittances stood at $107.47 million, representing a year-on-year increase of 97.4 per cent compared to $54.44 million recorded in January 2025, underscoring improved inflow dynamics and growing traction in formal channels.

A full month-on-month trajectory from January 2025 through January 2026 highlights the evolving pattern of flows.

Remittances opened the year at $54.44 million in January 2025 before surging by 130.7 per cent to $125.59 million in February. This was followed by a mild moderation of 11.6 per cent in March to $110.98 million.

In April, inflows declined sharply by 66.0 per cent to $37.75 million, but rebounded strongly in May, rising by 107.6 per cent to $78.38 million. The recovery extended into June with a 4.8 per cent increase to $82.15 million.

July recorded a marginal dip of 8.7 per cent to $75.02 million, before flows strengthened again in August, climbing by 43.4 per cent to $107.55 million. The upward trend continued into September, with remittances rising by 39.0 per cent to $149.49 million.

October saw a sharp correction, with inflows falling by 77.9 per cent to $33.02 million. However, this was followed by a significant rebound in November, where remittances surged by 404.0 per cent to $166.41 million, and further increased by 20.4 per cent to peak at $200.31 million in December.

The strong year-end performance created a high base, leading to a moderation in January 2026, where inflows declined by 46.4 per cent month-on-month to $107.47 million. Nonetheless, the January figure remained significantly above the level recorded a year earlier.

Overall, the trend reflects intermittent volatility but a strengthening underlying trajectory, particularly in the latter part of the year. Analysts attribute this to ongoing foreign exchange reforms, improved liquidity in official markets, and policy measures aimed at deepening formal remittance channels, positioning diaspora inflows as a more stable source of foreign exchange for the economy.