IMTO remittances surge to record $1.29bn in Q1 2026, up 45% YoY

IMTO remittances hit a record US$1.29 billion in the first quarter of 2026, a 45% jump from US$888.47 million in Q1 2025, according to the CBN’s Q1 2026 Statistical Bulletin. January led with US$506.66 million, followed by February at US$402.13 million and March at US$377.93 million. The rise reflects stronger foreign‑exchange receipts through formal money‑transfer channels after a dip in the first half of 2025.

The CBN has tightened oversight: in March 2025 it ordered IMTOs to open naira settlement accounts with authorised dealer banks, removed the ±2.5% exchange‑rate cap in January 2024, raised the licence fee from ₦500 000 to ₦10 million (about a 1 900% increase) and later lifted the ban on IMTOs buying FX from the domestic market. A Collaborative Task Force with IMTOs aims to double remittance inflows.

These figures boost Nigeria’s foreign‑exchange reserves and signal growing confidence in formal channels, which can ease pressure on the parallel market and improve access to foreign currency for households and businesses.

Will you rely more on licensed IMTOs for sending or receiving money now that fees are higher but regulation tighter, or will you still prefer informal routes despite the risks?

SOURCE: https://nairametrics.com/2026/08/17/cbn-imto-inflows-hit-record-1-29-billion-in-q1-jump-45/