Nigeria’s IMTO remittances fell sharply in the first half of 2025, signalling trouble for households.
Total inflows dropped to $2.07 billion, down from $2.34 billion in H1 2024, creating a shortfall of $276 million.
IMTO Sharp Early-Year Decline
In particular, January saw the steepest decline, tumbling nearly 28% compared with the same month last year.
Similarly, February and March also fell, leaving the first quarter $193 million lower than 2024.
Temporary April Relief
However, April brought a rare spike, rising 28% to $597 million and offering temporary relief.
Yet, May and June reversed the gains, keeping total inflows below last year’s levels.
Remittances continue to act as a lifeline, helping families cope with high inflation and rising living costs.
Indeed, many households rely on money from abroad for food, education, and healthcare.
Read Also: Diesel Price Falls 2.57% To ₦1,409.61 In November — NBS
Policy Push And Global Pressures
The Central Bank of Nigeria actively introduced reforms to stabilise foreign exchange inflows.
For example, it lifted IMTO exchange rate caps, raised licence fees, and set minimum capital requirements.
Moreover, IMTOs can now trade in the official market after the CBN removed previous restrictions.
Additionally, a Collaborative Task Force under the governor seeks to double remittance inflows to Nigeria.
Despite these efforts, global pressures such as inflation, tighter labour markets, and stricter migration rules limit diaspora remittances.
Policymakers therefore emphasise diaspora remittances as a vital and stable source of foreign currency.
The April spike illustrates the potential for recovery if reforms and collaboration succeed.
Looking ahead, the second half of 2025 will test whether policy measures can overcome global headwinds and restore inflows.
