CBN data show second-quarter net inflows rose from $21.33 billion in Q1 2026, as lower foreign exchange outflows offset a decline in total inflows……
Nigeria’s net foreign exchange (FX) flows climbed to $22.50 billion in the second quarter of 2026, marking the highest quarterly level since the final quarter of 2019.
The latest figures, contained in the Central Bank of Nigeria’s (CBN) Q2 2026 Statistical Bulletin, show an improvement from the $21.33 billion recorded in the first quarter of the year.
The increase came despite a decline in total FX inflows, as the reduction in outflows was enough to push net flows higher during the three-month period.
According to the CBN data, Nigeria recorded total FX inflows of $31.43 billion between April and June 2026, while outflows stood at $8.93 billion.
In comparison, total inflows reached $32.39 billion in the first quarter, against outflows of $11.05 billion.
The figures indicate that although gross inflows declined between the two quarters, the lower volume of funds leaving the economy supported an increase in net FX flows.
Net FX flows strengthen in the second quarter
A monthly breakdown shows that net FX flows increased progressively during the second quarter, rising from $6.53 billion in April to $7.91 billion in May and $8.06 billion in June.
June recorded the strongest monthly performance of the quarter, narrowly exceeding May’s figure as net foreign exchange flows continued to improve.
The quarterly total of $22.50 billion represents a recovery from the first quarter of 2026 and the strongest performance since Q4 2019, when net FX flows reached $25.08 billion.
However, the latest figure remains below several historical quarterly peaks recorded in previous years.
Where Q2 2026 ranks in Nigeria’s FX history
Despite the improvement, the second-quarter performance ranks 12th among the highest quarterly net FX flows in the historical ranking provided.
The ranking places the latest figure below several peaks recorded between 2012 and 2014, as well as the $25.08 billion recorded in the fourth quarter of 2019.
Q3 2014 recorded the highest net FX flow in the ranking at $31.93 billion, followed by Q1 2013 at $27.86 billion and Q2 2014 at $26.24 billion.
Other notable figures include $25.51 billion in Q2 2013, $25.14 billion in Q3 2013 and $24.12 billion in Q4 2013.
The historical data also show that net FX flows reached $24.09 billion in Q4 2012, $23.66 billion in Q1 2008, $23.28 billion in Q1 2019 and $22.56 billion in Q3 2012.
The figures suggest that Nigeria’s net FX position has strengthened compared with recent quarters, although the latest performance has yet to match some of the highest levels recorded in the historical series.
Autonomous sources account for most FX inflows
The CBN data divide foreign exchange transactions into flows handled through the apex bank and those recorded through autonomous sources.
Autonomous sources accounted for a substantial share of Nigeria’s FX inflows during the second quarter, although monthly movements varied.
Inflows through autonomous sources stood at $7.56 billion in April, declined to $7.12 billion in May and increased to $8.62 billion in June.
By comparison, FX inflows through the CBN amounted to $1.83 billion in April, $3.32 billion in May and $2.98 billion in June.
The pattern shows that autonomous channels remained an important source of foreign exchange entering the economy during the period.
Net flows through autonomous sources stood at $6.70 billion in April, $5.70 billion in May and $6.74 billion in June.
For transactions through the CBN, net flows were negative $176.28 million in April before turning positive at $2.21 billion in May and $1.32 billion in June.
The monthly figures highlight differences in the performance of the two channels, with autonomous sources maintaining positive net flows throughout the quarter while CBN-related net flows fluctuated.
Portfolio investment provides additional support
The improvement in net FX flows coincided with an increase in portfolio investment, another source of foreign capital entering Nigeria.
Portfolio investment rose by 45% to $6.51 billion in the second quarter of 2026, from $4.49 billion in the first quarter, according to previously reported figures.
The increase suggests stronger portfolio investment activity during the period, although movements across other categories of foreign capital were less favourable.
Earlier CBN data showed that Nigeria’s net FX flows stood at $4.94 billion in March 2026, representing a 38% increase from $3.58 billion in March 2025, despite a 29% month-on-month decline.
Meanwhile, data from the National Bureau of Statistics showed that foreign direct investment fell sharply in the first quarter of 2026, even as overall capital importation increased.
The contrasting movements indicate that Nigeria’s foreign capital inflows continued to experience mixed trends across investment categories.
Against this backdrop, the rise in net FX flows to $22.50 billion in Q2 2026 marks a notable improvement in the country’s foreign exchange position, supported by lower outflows and stronger portfolio investment activity.
