Net FX Flow Drops 29% to $4.94bn, CBN Data Shows

CBN Data: Net FX Flow Drops 29% to $4.94bn

Nigeria’s net foreign exchange (FX) flow fell to US$4.94 billion in March 2026, representing a 29% monthly decline from February’s US$6.98 billion, according to the Central Bank of Nigeria’s Q1 2026 Statistical Bulletin.

Despite the drop, the figure was still 38% higher than the US$3.58 billion recorded in March 2025. Nairametrics noted this was the lowest net flow since December 2025, when it stood at US$4.49 billion.

CBN data showed total FX inflows reached US$10.49 billion in March, down from US$12.41 billion in January and US$9.49 billion in February. Outflows, however, surged to US$5.54 billion in March from US$2.50 billion in February, driving the net decline.

Net FX flow through the CBN itself turned negative at -US$1.66 billion in March, compared with positive flows of US$3.09 billion in January and US$1.34 billion in February.

By contrast, net FX flow through autonomous sources rose to US$6.60 billion in March from US$5.64 billion in February.

The CBN did not provide an explanation for the decline, though analysts noted parallels with Q1 2025, when net FX flow fell sharply amid global risk-off sentiment triggered by Middle East conflicts.

Foreign portfolio inflows dropped to US$1.9 billion, while FDI inflows fell more than 62% quarter-on-quarter.

Nigeria recorded US$109.86 billion in total FX inflows in 2025, a 13.8% increase from 2024, but outflows also rose, reflecting liberalised access to foreign exchange and growing market confidence.