Nigeria’s net foreign exchange flows rose to $22.50bn in the second quarter of 2026, their highest level since the final quarter of 2019, as a reduction in dollar outflows outweighed a slight decline in total inflows.
Data from the Central Bank of Nigeria’s Q2 2026 Statistical Bulletin show that net FX flows increased by 5.5 per cent from $21.33bn in the first quarter to $22.50bn in Q2.
The improvement means more FX remained in the economy after accounting for outflows. However, it does not necessarily mean that all the funds entered the CBN’s reserves or were available for immediate use in the official market.
Total FX inflows fell from $32.39bn in Q1 to $31.43bn in Q2, while outflows dropped more sharply from $11.05bn to $8.93bn.The $2.12bn decline in outflows more than offset the $960m reduction in inflows, lifting the net balance by $1.17bn
Monthly figures also showed a steady rise in net flows during the quarter. Nigeria recorded $6.53bn in April, $7.91bn in May and $8.06bn in June, which was the strongest month of the period.
Despite the recovery, the Q2 figure remained below the historical peak of $31.93bn recorded in the third quarter of 2014. It was also lower than the $25.08bn reported in the fourth quarter of 2019
The CBN figures show that autonomous sources, meaning FX transactions outside the central bank’s direct channel, played a major role in the quarter’s flows.
Net FX flows through autonomous sources stood at $6.70bn in April, fell to $5.70bn in May and rose to $6.74bn in June.