Nigeria’s net foreign exchange (FX) flow stood at US$4.94 billion in March 2026, representing a 38% increase from the US$3.58 billion recorded in March 2025.
However, the figure declined by 29% month-on-month from US$6.98 billion recorded in February 2026.
This is according to data contained in the Central Bank of Nigeria’s (CBN) Q1 2026 Statistical Bulletin.
The March figure represents Nigeria’s lowest monthly net FX flow since December 2025, when net flow stood at US$4.49 billion.
Net foreign exchange flow refers to the difference between the total amount of foreign currency entering an economy and the total amount leaving it over a specific period.
CBN data showed that total FX inflows into the Nigerian economy stood at US$10.49 billion in March, while total outflows reached US$5.54 billion, leaving a net flow of US$4.94 billion.
Total FX inflows declined from US$12.41 billion in January and US$9.49 billion in February to US$10.49 billion in March.
The sharper movement, however, came from the outflow side, with FX outflows rising significantly from US$2.50 billion in February to US$5.54 billion in March.
The data also showed divergent trends between FX flows through the CBN and autonomous sources.
Net FX flow through the CBN 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.
In contrast, net FX flow through autonomous sources increased to US$6.60 billion in March from US$5.64 billion in February.
The CBN did not provide an explanation for the month-on-month decline in net FX flow.
The March slowdown mirrors a similar pattern recorded in the first quarter of 2025, when Nigeria’s net FX flow fell from about US$7 billion in February to US$3.5 billion in March.
External factors also continued to shape foreign capital flows during the period. Ongoing conflicts in the Middle East triggered global risk-off sentiment, putting pressure on foreign portfolio investor inflows, which declined to US$1.9 billion, according to the United Nations Conference on Trade and Development (UNCTAD).
Data from the National Bureau of Statistics (NBS) also showed that Nigeria’s foreign direct investment inflows stood at US$135.08 million in the first quarter of 2025, representing a decline of more than 62% from the preceding quarter.
The CBN had reported that Nigeria recorded a net FX inflow of US$15.20 billion in the first quarter of 2025.
Despite the monthly decline recorded in March, Nigeria’s foreign exchange position has strengthened over the longer term.
Compared with the first quarter of 2024, total FX inflows increased by 18.68%, rising from US$24.37 billion to US$28.92 billion.
During the same period, FX outflows increased by 32.72%, from US$10.34 billion to US$13.72 billion, amid more liberalised access to foreign exchange and growing confidence among market participants.
Nigeria also recorded an 11.78% decline in remittance inflows through International Money Transfer Operators (IMTOs) in the first half of 2025 compared with the corresponding period in 2024.
The latest figures come after Nigeria recorded total FX inflows of US$109.86 billion in 2025, according to CBN data.
The annual inflow represented a 13.81% increase from the US$96.53 billion recorded in 2024, although aggregate FX outflows also increased during the year.
Separately, NBS data showed that Nigeria attracted total capital importation of US$11.1 billion in the second and third quarters of 2025, reflecting continued foreign investment activity despite persistent macroeconomic pressures.
The March 2026 figures therefore point to a mixed FX picture, with Nigeria maintaining stronger year-on-year inflows but experiencing a significant monthly decline in net foreign exchange flow as outflows surged.
