Nigeria’s net foreign exchange (FX) flow fell by 29% month-on-month to $4.94 billion in March 2026, down from $6.98 billion recorded in February, according to the latest data from the Central Bank of Nigeria (CBN). Despite the monthly decline, the figure remained significantly higher than the $3.58 billion recorded in March 2025, representing a 38% year-on-year increase.
The CBN’s Q1 2026 Statistical Bulletin showed that total foreign exchange inflows into the Nigerian economy stood at $10.49 billion in March, while total outflows climbed to $5.54 billion. The sharp rise in outflows was a major factor behind the decline in net FX flow, with outflows more than doubling from the $2.50 billion recorded in February. March’s net flow was also the lowest recorded since December 2025, when the figure stood at $4.49 billion.
A closer look at the figures shows a notable shift in where Nigeria’s foreign exchange was coming from. 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. The CBN did not provide a specific explanation for the monthly decline.
The latest development comes amid continued changes in Nigeria’s foreign exchange market and wider global economic pressures. The country’s FX inflows have generally strengthened over time, with total inflows reaching $109.86 billion in 2025, up 13.81% from $96.53 billion in 2024. However, higher outflows have also accompanied increased access to foreign exchange and stronger activity among market participants, highlighting the continued pressure on the country’s external position.
For Nigeria, the March figures underline the importance of maintaining steady foreign exchange inflows while keeping outflows under control. Although the year-on-year improvement offers some positive news, the sharp monthly drop shows that FX conditions can change quickly. Investors, businesses and policymakers will be watching upcoming CBN data closely for signs of whether the March slowdown was temporary or the beginning of a broader shift in Nigeria’s foreign exchange market.
source: nairametrics
