“IMTO Remittances to Nigeria Slide by $276 Million in H1 2025”

The Central Bank of Nigeria (CBN) has reported a significant decline in remittance inflows through International Money Transfer Operators (IMTOs) during the first half of 2025. IMTO receipts fell to about $2.07 billion between January and June 2025, down from $2.34 billion in the same period last year — a drop of approximately $276 million.

This 11.78 per cent decrease underscores weaker performance in a critical non-oil source of foreign exchange at a time when authorities are relying on remittances to support foreign exchange market stability.

A month‑by‑month review indicates that January, February, March, May, and June all recorded lower inflows compared with the same months in 2024, while April was the only month to post a year-on-year increase in IMTO receipts.

Remittance inflows are an important part of Nigeria’s foreign exchange earnings, supporting household consumption, savings, and investment. Despite policies aimed at strengthening the foreign exchange market, the latest figures highlight continued volatility in formal inflows.