Nigeria’s net foreign exchange (FX) flow fell sharply to $4.94 billion in March 2026, representing a 29% decline from the $6.98 billion recorded in February, according to the latest data from the Central Bank of Nigeria (CBN). Despite the month-on-month drop, the figure was still 38% higher than the $3.58 billion recorded in March 2025, showing that Nigeria’s foreign exchange position remained stronger than it was a year earlier.
The CBN’s Q1 2026 Statistical Bulletin showed that total FX inflows stood at $10.49 billion in March, while outflows climbed significantly to $5.54 billion. The rise in outflows played a major role in pushing the country’s net FX flow lower during the month. March’s figure was also the lowest monthly net FX flow since December 2025, when Nigeria recorded $4.49 billion.
A closer look at the data shows a major shift in the sources of foreign exchange entering the economy. Net FX flow through the CBN turned negative at -$1.66 billion in March, compared with positive flows of $3.09 billion in January and $1.34 billion in February. Meanwhile, net FX flow through autonomous sources increased to $6.60 billion from $5.64 billion in February, helping to keep the overall figure positive despite the weaker CBN flow.
The March decline comes against a broader backdrop of changing global and domestic foreign exchange conditions. Global risk-off sentiment linked to ongoing conflicts in the Middle East has placed pressure on foreign portfolio investment flows, while Nigeria has also experienced changes in foreign direct investment and remittance activity. Still, the latest numbers show that Nigeria’s FX inflows have continued to grow over the longer term, with total inflows rising from $24.37 billion in the first quarter of 2024 to $28.92 billion in the corresponding period, an increase of 18.68%.
The latest CBN figures highlight the delicate balance between foreign currency entering Nigeria and the amount leaving the economy. Although March’s $4.94 billion net FX flow represents a significant monthly decline, the figure remains well above the level recorded a year earlier. With total FX inflows reaching $109.86 billion in 2025, up 13.81% from $96.53 billion in 2024, attention will now remain on whether Nigeria can sustain stronger foreign currency inflows while keeping outflows under control in the months ahead.
source: nairametrics
