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

Nigeria's net foreign exchange (FX) flows surged to $22.50 billion in the second quarter of 2026, marking the highest level since the fourth quarter of 2019, according to the Central Bank of Nigeria's (CBN) Q2 2026 Statistical Bulletin. Though this represents a significant improvement from the previous quarter and ranks as the twelfth highest quarterly net FX flow in history, it still falls short of several record peaks.

The CBN data reveals that net FX flows surged from $21.33 billion in the first quarter of 2026 to the latest figure. This upward trend is attributed to a steeper decrease in outflows compared to inflows. Despite the increase, the second quarter's net FX flow remains below several historical highs recorded in previous years. The ranking places Q2 2026's net FX flow in 12th position among the highest quarterly figures.

Historical quarters with higher net FX flows include Q4 2019 at $25.08 billion and Q4 2013 at $24.12 billion. The CBN's data categorizes FX transactions into flows managed by the central bank and those conducted through autonomous sources, with autonomous channels accounting for most inflows during the second quarter. This recovery in Nigeria's FX position, while notable, has not yet returned to the highest recorded levels.