The Central Bank of Nigeria (CBN) sold $1.64 billion in foreign exchange through the spot market in the first half of 2026, with sales peaking at $950.1 million in March.
This is according to the latest CBN Q2 2026 Statistical Bulletin.
The monthly figures show that March accounted for approximately 58% of the total spot sales recorded between January and June.
Sales were considerably lower in the other months, while total reported foreign exchange sales, including transactions across other categories, reached about $1.67 billion during the period.
CBN spot sales peak in March
The CBN’s monthly spot sales increased from $53 million in January to $225.1 million in February before rising sharply in March.
- Spot sales reached $950.1 million in March, the highest monthly figure in the six-month period.
- Sales declined to $100 million in April before increasing to $150 million in May.
- The CBN recorded $159.57 million in spot sales in June, bringing the first-half total to approximately $1.64 billion.
- Sales to Ministries, Departments and Agencies (MDAs) amounted to $20.37 million over the same period.
The figures show that the CBN’s spot-market activity was concentrated in March, with monthly sales remaining below $226 million in every other month covered by the bulletin.
CBN forex sales remain below 2025 levels
The first-half figures come after the CBN recorded $8.20 billion in foreign exchange spot sales in 2025, according to the annual figures in the statistical bulletin.
- Total FX sales across all listed categories reached $8.94 billion in 2025, including $716.10 million in interbank forward transactions and $26.35 million in sales to MDAs.
- The monthly data show that spot sales varied considerably throughout 2025, rising to $1.65 billion in April before falling to $146.70 million in October and recovering to $910.22 million in December.
- The first-half 2026 spot sales figure is therefore substantially below the full-year 2025 total, although the comparison covers six months against an entire year.
Nairametrics previously reported that Nigeria’s total foreign exchange demand increased by 91% to $50.93 billion in 2025, its highest level in six years.
FX demand and investment flows remain significant
Foreign exchange demand and capital movements continue to shape Nigeria’s currency market, with recent data showing substantial demand from financial services and increased portfolio investment.
- Nairametrics reported that financial services accounted for $9.64 billion, or 52.58%, of Nigeria’s total foreign exchange utilisation of $18.34 billion in the second quarter of 2026.
- Separately, Nigeria’s portfolio investment rose by 45% to $6.51 billion in the second quarter, according to an earlier report by Nairametrics.
The figures provide context for the scale of foreign exchange demand and investment flows during the period, while the CBN data detail its reported FX sales across different channels.