Nigeria’s net foreign exchange flows climbed to $22.50bn in the second quarter of 2026, the highest level since the fourth quarter of 2019, as lower dollar outflows offset a slight decline in total inflows.
Data from the Central Bank of Nigeria’s Q2 2026 Statistical Bulletin showed that net FX flows rose by 5.5 per cent to $22.50bn in the second quarter, from $21.33bn recorded in the first quarter.
The increase indicates that more foreign exchange remained within the economy after accounting for outflows. However, it does not necessarily mean that the entire amount was added to the CBN’s external reserves or was immediately available in the official foreign exchange market.
Total foreign exchange inflows declined slightly from $32.39bn in the first quarter to $31.43bn in the second quarter of 2026.
Monthly data also showed a consistent increase in net foreign exchange flows throughout the second quarter. Net flows stood at $6.53bn in April, rose to $7.91bn in May and climbed further to $8.06bn in June, the highest monthly figure recorded during the quarter.
Despite the improvement, second-quarter net FX flows remained below the historical peak of $31.93bn recorded in the third quarter of 2014. The figure was also lower than the $25.08bn recorded in the fourth quarter of 2019.
Data from the CBN showed that autonomous sources, which comprise foreign exchange transactions conducted outside the central bank’s direct channel, accounted for a significant share of FX flows during the second quarter.
Net FX flows through autonomous sources stood at $6.70bn in April, declined to $5.70bn in May before recovering to $6.74bn in June.
Foreign exchange flows through the CBN were more volatile during the quarter. The central bank recorded a net outflow of $176.28m in April, followed by net inflows of $2.21bn in May and $1.32bn in June.
The figures indicate that private-sector transactions and other autonomous channels remained significant contributors to net foreign exchange flows into the Nigerian economy.
Foreign exchange flows through the CBN fluctuated during the second quarter, with the central bank recording a net outflow of $176.28m in April before returning to net inflows of $2.21bn in May and $1.32bn in June.
The figures suggest that private-sector transactions and other autonomous channels continued to account for a substantial share of net foreign exchange inflows into the Nigerian economy.
The increase in net FX flows also coincided with a rise in foreign portfolio investment during the second quarter.
Foreign portfolio investment rose by 45 per cent to $6.51bn in the second quarter of 2026, up from $4.49bn in the first quarter, according to previously reported CBN data.
The increase in portfolio inflows could provide additional foreign exchange to the economy and support activity in Nigeria’s financial markets.
