Nigeria’s net international change (FX) flows rose to $22.50 billion in the second quarter of 2026, the highest degree since the fourth quarter of 2019.
This is in accordance to the Central Bank of Nigeria’s (CBN) Q2 2026 Statistical Bulletin, which tracks international change inflows and outflows by way of the Nigerian economic system.
Despite the rise, the newest determine ranks twelfth amongst Nigeria’s highest quarterly net FX flows in the historic rating offered.
Net FX flows attain $22.5 billion
Data from the CBN present that net FX flows elevated from $21.33 billion in the primary quarter of 2026 to $22.50 billion in the second quarter, supported by a sharper decline in outflows than in inflows.
- Monthly net FX flows stood at $6.53 billion in April, $7.91 billion in May and $8.06 billion in June.
- Total inflows throughout the three months amounted to $31.43 billion, whereas outflows stood at $8.93 billion.
- In comparability, first-quarter inflows totalled $32.39 billion, towards outflows of $11.05 billion.
- June recorded the highest month-to-month net circulation in the quarter at $8.06 billion, barely above May’s $7.91 billion.
The quarterly determine displays an enchancment from Q1 2026, though it stays under a number of historic peaks recorded in earlier years.
How Q2 2026 ranks traditionally
The provided historic rating locations Q2 2026’s net FX circulation of $22.50 billion in twelfth place among the many highest quarterly figures listed. The newest result’s the strongest since Q4 2019, when net FX flows reached $25.08 billion.
The top-ranked quarters in the historic record are:
- Q3 2014: $31.93 billion, the highest determine in the rating.
- Q1 2013: $27.86 billion, adopted by Q2 2014 at $26.24 billion.
- Q2 2013: $25.51 billion, whereas Q3 2013 recorded $25.14 billion.
- Q4 2019: $25.08 billion, the earlier benchmark earlier than the newest Q2 2026 determine.
Other quarters in the highest 12 embrace Q4 2013 at $24.12 billion, Q4 2012 at $24.09 billion, Q1 2008 at $23.66 billion, Q1 2019 at $23.28 billion and Q3 2012 at $22.56 billion.
The rating exhibits that though the second-quarter result’s a notable restoration, it has not returned to the highest ranges recorded in the course of the durations listed.
Autonomous sources drive FX inflows
The CBN knowledge separate FX transactions into flows by way of the central financial institution and people dealt with by way of autonomous sources. Autonomous sources accounted for many inflows in the course of the second quarter.
- Inflows by way of autonomous sources had been $7.56 billion in April, $7.12 billion in May and $8.62 billion in June.
- Inflows by way of the CBN stood at $1.83 billion in April, $3.32 billion in May and $2.98 billion in June.
- Net flows by way of autonomous sources reached $6.70 billion in April, $5.70 billion in May and $6.74 billion in June.
- Net flows by way of the CBN had been damaging $176.28 million in April earlier than rising to $2.21 billion in May and $1.32 billion in June.
The figures spotlight the contribution of autonomous channels to Nigeria’s total FX place, though month-to-month flows by way of the CBN different.
Portfolio funding provides to inflows
The enhance in net FX flows coincided with stronger portfolio funding.
- Nairametrics beforehand reported that portfolio funding rose by 45% to $6.51 billion in Q2 2026, from $4.49 billion in Q1.
- Earlier CBN data confirmed that net FX flows stood at $4.94 billion in March 2026, up 38% from $3.58 billion in March 2025 regardless of a 29% month-on-month decline.
Meanwhile, the National Bureau of Statistics reported that international direct funding declined sharply in Q1 2026, at the same time as total capital importation elevated. This means that actions throughout funding classes had been combined in the course of the interval.
