Nigeria's diaspora remittances slip to $5.30 billion as the central bank flags FX leakages

Diaspora remittances to Nigeria eased to US$5.30 billion in the first quarter of 2026 from US$5.72 billion the prior quarter, with the Central Bank attributing part of the drop to foreign-exchange leakages pushing transfers outside formal channels. Even so, Nigeria’s external position strengthened: the current-account surplus widened sharply on stronger oil and gas exports and lower fuel imports, lifting reserves to about US$48.35 billion. The takeaway for senders is that channel choice matters — formal, regulated routes both capture value at home and tend to offer clearer rates and protections.

Source: Legit.ng and Nigerian Tribune (via Zawya), citing the CBN Q1 2026 balance-of-payments report.