CBN: Net FX flows rise 5.5% to $22.5bn in Q2

Nigeria’s net foreign exchange (FX) flows rose by 5.5 per cent to $22.50 billion in the second quarter of 2026, from $21.33 billion in the first quarter, marking the highest quarterly 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 across the Nigerian economy. The increase came as foreign exchange outflows declined more sharply than inflows, improving the country’s net FX position despite a slight reduction in total inflows. CBN data show that total FX inflows stood at $31.43 billion in the second quarter, compared with $32.39 billion in the first quarter. Meanwhile, outflows declined to $8.93 billion from $11.05 billion over the same period. Monthly figures show that net FX flows stood at $6.53 billion in April, rose to $7.91 billion in May and increased further to $8.06 billion in June. June recorded the highest monthly net FX flow during the quarter, slightly above May’s $7.91 billion, reflecting a steady improvement in the monthly figures. Despite the quarterly recovery, Nigeria’s net FX flows in Q2 2026 ranked 12th among the highest quarterly figures in the historical ranking provided. The latest result was the strongest since Q4 2019, when net FX flows reached $25.08 billion. Historical data show that the highest quarterly net FX flow in the ranking was $31.93 billion, recorded in Q3 2014. This was followed by $27.86 billion in Q1 2013 and $26.24 billion in Q2 2014. Other notable quarters include Q2 2013, when net FX flows reached $25.51 billion, and Q3 2013, which recorded $25.14 billion. Money supply hits N146.6trn in September amid CBN’s rate cutNigeria’s FX demand hits 15-year high as services gulp $9.64bnNaira gains officially, loses ground on black market as gap hits 5.4% The figures indicate that although Nigeria’s FX position has improved, the latest performance remains below several historical peaks. A breakdown of the CBN data shows that autonomous sources accounted for most FX inflows during the second quarter, while transactions through the central bank varied across the three months. Inflows through autonomous sources stood at $7.56 billion in April, $7.12 billion in May and $8.62 billion in June. By comparison, inflows through the CBN amounted to $1.83 billion in April, $3.32 billion in May and $2.98 billion in June. Net FX flows through autonomous sources reached $6.70 billion in April, $5.70 billion in May and $6.74 billion in June. However, net flows through the CBN were negative $176.28 million in April before recovering to $2.21 billion in May and $1.32 billion in June. The improvement in net FX flows coincided with an increase in portfolio investment during the second quarter. Recall that portfolio investment rose by 45 per cent to $6.51 billion in Q2 2026, from $4.49 billion in the preceding quarter. Earlier CBN data also showed that net FX flows reached $4.94 billion in March 2026, up 38 per cent from $3.58 billion recorded in March 2025, despite a month-on-month decline. However, foreign direct investment declined sharply in Q1 2026, according to the National Bureau of Statistics, even as overall capital importation increased. The mixed performance across investment categories suggests that Nigeria’s improving FX flows have coincided with stronger portfolio investment, while foreign direct investment remains an area to watch. Tags:

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