In 2023, the personal remittances received in Nigeria decreased by roughly *** billion U.S. dollars (-2.9 percent) since 2022. The incoming personal remittances in Nigeria peaked in 2018, when the figure stood at ** billion U.S. dollars. Personal remittances refer to personal transfers and compensation of employees. The former includes all current transfers between resident and nonresident individuals, while the latter refers to the income of workers who are employed in an economy where they are not resident, and of residents employed by nonresident entities. These include border, seasonal, and other short-term workers.

Outbound remittances from Nigeria largely went towards Ghana in 2021, but this flow was considerably smaller than the total value of remittances received in Nigeria. This is according to a ranking that attempts to map out the flow of such money transfers. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about one in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For Nigeria, the top five recipient countries for remittances in 2021 included Ghana, Togo, Niger, Mali, and Benin. Nigeria's five main sources for remittances - which, in total, were over 10 times bigger than the value sent - included the United States, the United Kingdom, Cameroon, Italy, and Niger.

Graph and download economic data for Remittance Inflows to GDP for Nigeria (DDOI11NGA156NWDB) from 1977 to 2020 about remittances, Nigeria, and GDP.

Foreign Exchange Reserves in Nigeria increased to 38448 USD Million in May from 37934 USD Million in April of 2025. This dataset provides - Nigeria Foreign Exchange Reserves - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Remittances in Nigeria decreased to 5080 USD Million in the fourth quarter of 2024 from 5403.50 USD Million in the third quarter of 2024. This dataset provides - Nigeria Remittances- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Remittances sent to Africa went largely towards Egypt, Nigeria, and Morocco in 2021, with each country receiving at least ** billion billions worth of dollars. This is according to a database that tries to model money sent internationally from one party to another. Remittances typically refer to money sent from migrant workers back home to family and friends, although there are other forms of this. Remittances can, for example, include pensioners who have a second home in a foreign country. Nevertheless, Asia Pacific - not Africa - is often referred to as the main receiver of remittances.

Nigeria BoP: CF: Financial Account: Assets: Reserves Assets: Foreign Exchange data was reported at -503.971 USD mn in Jun 2018. This records an increase from the previous number of -7.322 USD bn for Mar 2018. Nigeria BoP: CF: Financial Account: Assets: Reserves Assets: Foreign Exchange data is updated quarterly, averaging 668.830 USD mn from Mar 2008 (Median) to Jun 2018, with 42 observations. The data reached an all-time high of 9.082 USD bn in Dec 2008 and a record low of -8.423 USD bn in Mar 2008. Nigeria BoP: CF: Financial Account: Assets: Reserves Assets: Foreign Exchange data remains active status in CEIC and is reported by Central Bank of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.JB001: Balance of Payments.

Remittances entering Nigeria took less than *** day to be processed in 2024, a figure that was much higher if cash or bank account transfers were involved. This is according to a Statista estimate that aims to compare the transaction speed listed for different international money transfer channels across the world. Generally, digital remittance tend to process remittances much faster. The figures shown here have originally been gathered by the World Bank using mystery shopping. "Traditional end-to-end" and "digital to traditional" are categories assigned by Statista, and refer to the payment method used at the remittance sending side and the method used when receiving. "Traditional" refers to cash and bank account transfers, while "Digital" includes everything that does not involve these (e.g., cards, mobile wallets, mobile money, etc.). In this statistic, the categories "traditional to digital" and "digital end-to-end" have been excluded, as there were not enough channels to use these. In the case of Nigeria, the "traditional end-to-end" and "digital to traditional" covered **** percent of all recorded channels since 2016.

Russia International Money Transfer: EP: Sent: to Non CIS: ow Nigeria data was reported at 0.565 USD mn in Sep 2016. This records an increase from the previous number of 0.376 USD mn for Jun 2016. Russia International Money Transfer: EP: Sent: to Non CIS: ow Nigeria data is updated quarterly, averaging 3.450 USD mn from Jun 2006 (Median) to Sep 2016, with 42 observations. The data reached an all-time high of 11.200 USD mn in Jun 2013 and a record low of 0.376 USD mn in Jun 2016. Russia International Money Transfer: EP: Sent: to Non CIS: ow Nigeria data remains active status in CEIC and is reported by The Central Bank of the Russian Federation. The data is categorized under Russia Premium Database’s Monetary and Banking Statistics – Table RU.KAH010: International Money Transfer: Sent by Individuals: by Countries: via Electronic Payment Systems.

Nigeria: Percent of world foreign exchange reserves: The latest value from 2022 is 0.254 percent, a decline from 0.269 percent in 2021. In comparison, the world average is 0.658 percent, based on data from 152 countries. Historically, the average for Nigeria from 1960 to 2022 is 0.411 percent. The minimum value, 0.091 percent, was reached in 1988 while the maximum of 1.744 percent was recorded in 1975.

Nigeria was Cameroon's main destination for remittances in 2021, according to a country ranking on the flow of such money transfers. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about one in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For Cameroon, the top five recipient countries for remittances in 2021 included Nigeria, France, Niger, Senegal, and Mali. Cameroon's five main sources for remittances were France, the United States, Gabon, Nigeria, and Germany.

Nigeria NG: International Liquidity: Foreign Exchange data was reported at 37.223 USD bn in 2017. This records an increase from the previous number of 24.981 USD bn for 2016. Nigeria NG: International Liquidity: Foreign Exchange data is updated yearly, averaging 2.432 USD bn from Dec 1950 (Median) to 2017, with 62 observations. The data reached an all-time high of 53.000 USD bn in 2008 and a record low of 84.000 USD mn in 1967. Nigeria NG: International Liquidity: Foreign Exchange data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Nigeria – Table NG.IMF.IFS: International Liquidity: Annual.

According to Cognitive Market Research, the global Digital Remitances market size will be USD XX million in 2025. It will expand at a compound annual growth rate (CAGR) of XX% from 2025 to 2031.

North America held the major market share for more than XX% of the global revenue with a market size of USD XX million in 2025 and will grow at a CAGR of XX% from 2025 to 2031.


Europe accounted for a market share of over XX% of the global revenue with a market size of USD XX million in 2025 and will grow at a CAGR of XX% from 2025 to 2031.


Asia Pacific held a market share of around XX% of the global revenue with a market size of USD XX million in 2025 and will grow at a CAGR of XX% from 2025 to 2031.


Latin America had a market share of more than XX% of the global revenue with a market size of USD XX million in 2025 and will grow at a CAGR of XX% from 2025 to 2031.


Middle East and Africa had a market share of around XX% of the global revenue and was estimated at a market size of USD XX million in 2025 and will grow at a CAGR of XX% from 2025 to 2031.

Market Drivers

The rising immigrant population and global brain drain are fueling the digital remittance market

The accelerating global movement of people—particularly from low- and middle-income nations to more developed economies—is a powerful force driving the digital remittance market. Migration today is not just about labor mobility; it's about financial connectivity. As skilled, semi-skilled, and even unskilled individuals relocate for better economic prospects, they become central agents in a transnational flow of capital—remittances—which are increasingly being digitized.

As of 2023, the international migrant population surpassed 280 million, representing over 3.5% of the world’s population (U.S. Census Bureau). Many of these migrants, including doctors, nurses, engineers, construction workers, and caregivers, contribute significantly to the labor markets in host countries while simultaneously supporting their families back home. This two-way economic impact—bolstering host economies while providing critical income to home countries—is increasingly mediated through digital remittance platforms. These figures underscore the fact that migrant workers are effectively one of the largest sources of foreign income for many nations, often surpassing both foreign aid and direct investment.

A growing share of these migrants are highly educated professionals, part of a broader trend known as "brain drain." Countries across South Asia, West Africa, and Eastern Europe are witnessing an outflow of talent, particularly in sectors like medicine, IT, and academia. While this raises challenges for the home country’s workforce development, it simultaneously boosts remittance flows as these skilled professionals tend to earn higher wages and remit more funds.

For instance,

The United Kingdom and Canada have both seen a surge in foreign-trained nurses and doctors, particularly from Nigeria, India, and the Philippines—countries that, in turn, have experienced an increase in remittance volumes. [ICN Report] 

These remittances play a vital role in supporting families and strengthening local economies, emphasizing the interconnectedness of global migration and economic stability. In Nigeria, authorities are targeting $1 billion in monthly remittance inflows, part of a broader initiative to tap diaspora capital through innovations such as a U.S. dollar-denominated diaspora bond and improved digital transfer frameworks (MSME Africa Online)

Immigration policy shifts in key remittance-sending countries like the U.S., Canada, Germany, and Gulf States have far-reaching effects on remittance volumes. Latin American economies such as Guatemala, Honduras, and El Salvador are particularly vulnerable to U.S. immigration changes. These three countries alone received $35 billion in remittances in 2023, primarily from migrants working in the United States. A recent report notes that U.S. election outcomes could significantly alter remittance flows, as immigration and deportation policies shape who can stay and work legally—and thus, continue to remit money (https://www.worldbank.org/en/news/press-release/2023/12/18/remittance-flows-grow-2023-slower-pace-migration-development-brief).

The rising global migrant workforce—fueled b...

Money transfers to other countries outside the United Kingdom were nearly ** times higher in 2021 than money received. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about *** in ***** people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For the United Kingdom, the top five recipient countries for remittances in 2021 included India, Pakistan, Nigeria, France, and Germany. The UK's five main sources for remittances were Australia, the United States, Canada, Spain, and Ireland.

International reserves of Nigeria soared by 20.53% from 32,034,797,237 US dollars in 2023 to 38,612,493,467 US dollars in 2024. Since the 12.14% slump in 2022, international reserves jumped by 8.57% in 2024. According to the IMF definition, international reserves consist of the sum of the country’s foreign exchange, its reserve position in the IMF, its monetary gold reserves, and the United States dollar value of SDR holdings by its monetary authorities. (SDR - special drawing rights). US Dollars at current prices and current exchange rates in millions

Nigeria Foreign Exchange Rate: CBN: Month End: Japanese Yen data was reported at 2.698 NGN/JPY in Nov 2018. This records a decrease from the previous number of 2.703 NGN/JPY for Oct 2018. Nigeria Foreign Exchange Rate: CBN: Month End: Japanese Yen data is updated monthly, averaging 1.525 NGN/JPY from Dec 2001 (Median) to Nov 2018, with 204 observations. The data reached an all-time high of 3.024 NGN/JPY in Jul 2016 and a record low of 0.857 NGN/JPY in Jan 2002. Nigeria Foreign Exchange Rate: CBN: Month End: Japanese Yen data remains active status in CEIC and is reported by Central Bank of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.M004: Foreign Exchange Rates.

Key information about Nigeria Foreign Exchange Reserves: % of GDP

• Nigeria Foreign Exchange Reserves: % of GDP was reported at 18.573 % in Sep 2024
• This records an increase from the previous number of 14.124 % for Jun 2024
• Nigeria Foreign Exchange Reserves: % of GDP data is updated quarterly, averaging 8.308 % from Dec 2010 to Sep 2024, with 56 observations
• The data reached an all-time high of 18.573 % in Sep 2024 and a record low of 5.287 % in Mar 2015
• Nigeria Foreign Exchange Reserves: % of GDP data remains active status in CEIC and is reported by CEIC Data
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Foreign Exchange Reserves: % of Nominal GDP: Quarterly

CEIC calculates quarterly Foreign Exchange Reserves as % of Nominal GDP from monthly Foreign Exchange Reserves and quarterly Nominal GDP. The Central Bank of Nigeria provides Foreign Exchange Reserves in USD. The National Bureau of Statistics provides Nominal GDP in local currency, at basic prices. The Central Bank of Nigeria average market exchange rate is used for currency conversions.

This dataset provides values for FOREIGN EXCHANGE RESERVES reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Graph and download economic data for Exchange Rate to U.S. Dollar for Nigeria (FXRATENGA618NUPN) from 1950 to 2010 about Nigeria, exchange rate, currency, rate, and USA.

Roughly twice as many remittances left Italy in 2021 when compared to the same value that came into the country. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about one in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For Italy, the top five recipient countries for remittances in 2021 included Romania, France, Morocco, Nigeria, and China. Italy's five main sources for remittances were Germany, the United States, France, Switzerland, and Canada.