Nigeria’s net foreign exchange (FX) flows rose to $22.50 billion in the second quarter of 2026, the highest level since the fourth quarter of 2019.
This is according to the Central Bank of Nigeria’s (CBN) Q2 2026 Statistical Bulletin, which tracks foreign exchange inflows and outflows through the Nigerian economy.
Despite the increase, the latest figure ranks 12th among Nigeria’s highest quarterly net FX flows in the historical ranking provided.
Net FX flows reach $22.5 billion
Data from the CBN show that net FX flows increased from $21.33 billion in the first quarter of 2026 to $22.50 billion in the second quarter, supported by a sharper decline in outflows than in inflows.
- Monthly net FX flows stood at $6.53 billion in April, $7.91 billion in May and $8.06 billion in June.
- Total inflows across the three months amounted to $31.43 billion, while outflows stood at $8.93 billion.
- In comparison, first-quarter inflows totalled $32.39 billion, against outflows of $11.05 billion.
- June recorded the highest monthly net flow in the quarter at $8.06 billion, slightly above May’s $7.91 billion.
The quarterly figure reflects an improvement from Q1 2026, although it remains below several historical peaks recorded in earlier years.
How Q2 2026 ranks historically
The supplied historical ranking places Q2 2026’s net FX flow of $22.50 billion in 12th position among the highest quarterly figures listed. The latest result is the strongest since Q4 2019, when net FX flows reached $25.08 billion.
The top-ranked quarters in the historical list are:
- Q3 2014: $31.93 billion, the highest figure in the ranking.
- Q1 2013: $27.86 billion, followed by Q2 2014 at $26.24 billion.
- Q2 2013: $25.51 billion, while Q3 2013 recorded $25.14 billion.
- Q4 2019: $25.08 billion, the previous benchmark before the latest Q2 2026 figure.
Other quarters in the top 12 include Q4 2013 at $24.12 billion, Q4 2012 at $24.09 billion, Q1 2008 at $23.66 billion, Q1 2019 at $23.28 billion and Q3 2012 at $22.56 billion.
The ranking shows that although the second-quarter result is a notable recovery, it has not returned to the highest levels recorded during the periods listed.
Autonomous sources drive FX inflows
The CBN data separate FX transactions into flows through the central bank and those handled through autonomous sources. Autonomous sources accounted for most inflows during the second quarter.
- Inflows through autonomous sources were $7.56 billion in April, $7.12 billion in May and $8.62 billion in June.
- Inflows through the CBN stood at $1.83 billion in April, $3.32 billion in May and $2.98 billion in June.
- Net flows through autonomous sources reached $6.70 billion in April, $5.70 billion in May and $6.74 billion in June.
- Net flows through the CBN were negative $176.28 million in April before rising to $2.21 billion in May and $1.32 billion in June.
The figures highlight the contribution of autonomous channels to Nigeria’s overall FX position, although monthly flows through the CBN varied.
Portfolio investment adds to inflows
The increase in net FX flows coincided with stronger portfolio investment.
- Nairametrics previously reported that portfolio investment rose by 45% to $6.51 billion in Q2 2026, from $4.49 billion in Q1.
- Earlier CBN data showed that net FX flows stood at $4.94 billion in March 2026, up 38% from $3.58 billion in March 2025 despite a 29% month-on-month decline.
Meanwhile, the National Bureau of Statistics reported that foreign direct investment declined sharply in Q1 2026, even as overall capital importation increased. This suggests that movements across investment categories were mixed during the period.