Nigeria’s Net FX Flows Hit $22.5bn, Highest Since 2019

Nigeria’s net foreign exchange flows rose to $22.50 billion in the second quarter of 2026, reaching their highest level since the fourth quarter of 2019.

The figure represents a strong improvement from the $21.33 billion recorded in the first quarter. The Central Bank of Nigeria disclosed this in its Q2 2026 Statistical Bulletin.

The latest increase came mainly from a sharp reduction in foreign exchange outflows during the quarter. Total inflows reached $31.43 billion, while outflows stood at $8.93 billion.

By comparison, Nigeria recorded $32.39 billion in inflows and $11.05 billion in outflows during the first quarter.

Monthly figures also showed a steady rise in net FX flows during the quarter. April recorded $6.53 billion, while May and June posted $7.91 billion and $8.06 billion respectively.

June therefore recorded the strongest monthly performance during the three-month period. However, the quarterly figure still ranks 12th among the highest figures in the historical data provided by the CBN.

The latest performance also marks Nigeria’s strongest quarterly net FX flow since Q4 2019. That quarter recorded $25.08 billion.

The historical ranking shows that Q3 2014 remains the strongest quarter, with net FX flows of $31.93 billion. Q1 2013 followed with $27.86 billion, while Q2 2014 recorded $26.24 billion.

Other strong performances include Q2 2013 with $25.51 billion and Q3 2013 with $25.14 billion. Q4 2013 and Q4 2012 recorded $24.12 billion and $24.09 billion respectively.

The CBN data divide foreign exchange transactions into central bank and autonomous sources. Autonomous sources accounted for the larger share of inflows throughout the second quarter.

Autonomous inflows stood at $7.56 billion in April, $7.12 billion in May and $8.62 billion in June.

Meanwhile, CBN inflows reached $1.83 billion in April, $3.32 billion in May and $2.98 billion in June.

Net flows through autonomous sources stood at $6.70 billion in April. The figure fell to $5.70 billion in May before rising to $6.74 billion in June.

The CBN channel recorded a different pattern during the period. Net flows were negative by $176.28 million in April before reaching $2.21 billion in May and $1.32 billion in June.

The stronger net FX position also coincided with increased portfolio investment during the quarter. Portfolio investment rose to $6.51 billion from $4.49 billion in Q1, representing a 45 per cent increase.

Earlier CBN figures showed that net FX flows reached $4.94 billion in March 2026. That represented a 38 per cent increase from the $3.58 billion recorded in March 2025.

However, foreign investment trends remained mixed during the period. The National Bureau of Statistics reported a sharp decline in foreign direct investment in Q1 2026.

Overall capital importation nevertheless increased during the same period. The figures indicate that portfolio flows and other investment channels played a significant role in the broader FX improvement.