Nigeria’s net foreign exchange flows rose to $22.50 billion in the second quarter of 2026, the strongest quarterly reading since the fourth quarter of 2019, according to the Central Bank of Nigeria’s Q2 2026 Statistical Bulletin.
The figure was up from $21.33 billion in the first quarter and was supported by a sharper fall in outflows than in inflows. Even so, the result ranks only 12th among the highest quarterly net FX flows in the historical series provided by the data.
Monthly Breakdown
Net flows improved steadily through the quarter:
– April: $6.53 billion
– May: $7.91 billion
– June: $8.06 billion
Total inflows for the three months came to $31.43 billion, against outflows of $8.93 billion. By comparison, the first quarter recorded inflows of $32.39 billion and outflows of $11.05 billion. June posted the highest monthly net flow of the quarter.
Historical Context
While Q2 2026 marked the best performance since Q4 2019 when net flows reached $25.08 billion it remains below several earlier peaks. The top of the historical ranking includes:
– Q3 2014: $31.93 billion (highest)
– Q1 2013: $27.86 billion
– Q2 2014: $26.24 billion
– Q2 2013: $25.51 billion
– Q3 2013: $25.14 billion
– Q4 2019: $25.08 billion
Other strong quarters in the top 12 include periods in 2012, 2013, 2008 and early 2019. The latest result is therefore a clear recovery, but not a return to the highest levels of the past decade-plus.
Autonomous Sources Dominate
Most inflows came through autonomous channels rather than the central bank. Autonomous inflows were $7.56 billion in April, $7.12 billion in May and $8.62 billion in June. CBN-channelled inflows were lower: $1.83 billion, $3.32 billion and $2.98 billion over the same months.
Net flows through autonomous sources stayed firmly positive, while the CBN’s net position was negative in April before turning positive in May and June.
Portfolio Investment Adds Support
The rise in net FX flows coincided with stronger portfolio investment, which increased 45% to $6.51 billion in Q2 from $4.49 billion in Q1. At the same time, other capital categories told a more mixed story: foreign direct investment fell sharply in the first quarter even as overall capital importation rose, according to National Bureau of Statistics data.
What It Means
Higher net FX flows improve the external accounts picture and can support confidence in the foreign exchange market. The concentration of inflows in autonomous sources and the pick-up in portfolio investment suggest private and market-driven activity played a large role. Whether the improvement is sustained will depend on the durability of those inflows and on the path of outflows in the second half of the year.
For now, Q2 2026 stands as Nigeria’s strongest quarterly net FX performance in more than six years a notable recovery, even if it still falls short of the peaks recorded in earlier boom periods.
