CBN Data Shows Drop in Money Leaving Nigeria while Inflows Rise, Figures Emerge
- The CBN says remittance outflows from Nigeria fell by 36.09 per cent in 2025
- The apex bank stated that remittance inflows surged to about $600 million monthly
- CBN reforms aim to boost inflows and improve transparency in the forex market
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Remittance outflows from Nigeria declined by N689.55 million in 2025, representing a 36.09 per cent drop compared to 2024, according to data from the Central Bank of Nigeria (CBN), PUNCH reported.
The figures indicate that total international payment outflows fell from N1.91 billion in 2024 to N1.22 billion in 2025, pointing to a notable reduction in cross-border money transfers.
Source: Getty Images
An analysis of the data shows that 2024 experienced significantly higher and more volatile outflows, with peak payments recorded in May (N365.44 million), June (N270.52 million), and September (N230.30 million).
These three months alone accounted for over N866 million, forming a substantial portion of the annual total.
2025 sees more moderate trend
In contrast, 2025 recorded a more subdued pattern, with no single month exceeding N200.31 million.
The highest outflow was in December at N200.31 million, followed by November (N166.41 million) and September (N149.49 million).
Monthly figures began at N54.44 million in January, rose to N125.59 million in February, and moderated to N110.98 million in March. April saw a sharp dip to N37.75 million, one of the lowest levels for the year.
Outflows fluctuated moderately in the middle of the year before dropping to a low of N33.02 million in October, then rebounding strongly in November and December. The final two months accounted for more than 29 per cent of total outflows in 2025.
January 2026 shows mixed trend
For January 2026, remittance outflows stood at N107.47 million.
This represents a year-on-year increase of about 97.4 per cent compared to N54.44 million recorded in January 2025. However, on a month-on-month basis, it marks a 46.3 per cent decline from N200.31 million recorded in December 2025.
The January 2026 figure remains below peak levels recorded in previous years, suggesting that outflows have yet to return to earlier highs.
The decline in outflows coincided with a significant rise in remittance inflows, which the CBN said tripled to about $600 million monthly in 2025.
This trend suggests an improvement in Nigeria’s net remittance position, with more foreign exchange entering the economy than leaving.
Remittances play a key role in supporting household consumption, savings, investment, and foreign exchange supply, especially as the country seeks to reduce dependence on oil revenue.
Reforms aimed at boosting remittance flows
The CBN has introduced several policy measures to strengthen remittance inflows and improve transparency in the foreign exchange market.
These include the removal of exchange rate caps for International Money Transfer Operators (IMTOs), an increase in licensing fees, and a $1 million minimum capital requirement for operators.
The bank also eased restrictions on IMTOs, allowing them to access the official foreign exchange market.
In addition, the apex bank established a task force led by Governor Olayemi Cardoso to drive remittance growth through increased competition and diaspora engagement.
Source: Getty Images
New initiatives to drive diaspora participation
The CBN, in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), launched the Non-Resident Bank Verification Number (NRBVN) platform to enable Nigerians abroad to obtain their BVN remotely.
Cardoso described the initiative as a major step toward financial inclusion and expressed optimism that Nigeria could achieve $1 billion in monthly remittance inflows.
The central bank has also issued additional approvals to new IMTOs and directed operators to maintain naira settlement accounts with authorised dealer banks to enhance monitoring and transparency.
FG raises 2026 borrowing plan to N29.2tn
Legit.ng earlier reported that the federal government has increased its borrowing plan for 2026 to N29.2 trillion following an expansion of the proposed budget, according to official documents.
The revised figure represents an increase of N11.31 trillion from the earlier N17.89 trillion projection contained in the 2026 Abridged Budget Call Circular issued by the Federal Ministry of Budget and Economic Planning.
Analysts say the key issue remains how effectively borrowed funds are utilised for development
Source: Legit.ng
