Nigeria’s net FX flows rise to $22.5 billion in Q2 2026, highest since Q4 2019

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.

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.

The quarterly figure reflects an improvement from Q1 2026, although it remains below several historical peaks recorded in earlier years.

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:

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.

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.

The figures highlight the contribution of autonomous channels to Nigeria’s overall FX position, although monthly flows through the CBN varied.

The increase in net FX flows coincided with stronger portfolio investment.

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.

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