Nigeria's net FX flow falls 29% to $4.94bn in March

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

Despite the decline, the March figure was still 38% higher than the US$3.58 billion recorded in March 2025. The CBN did not provide an explanation for the drop.

What the CBN data shows

The net FX flow through the Nigerian economy fell from US$6.98 billion in February 2026 to US$4.94 billion in March. This was the lowest level since December 2025, when net flow stood at US$4.49 billion.

Total FX inflows into the economy reached US$10.49 billion in March, down from US$12.41 billion in January and US$9.49 billion in February. At the same time, total outflows rose sharply to US$5.54 billion, producing the net figure of US$4.94 billion.

Outflows drove the decline

The drop was driven by a surge in outflows. FX outflows increased from US$2.50 billion in February 2026 to US$5.54 billion in March, more than doubling month on month.

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.

Autonomous sources offset the fall

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

This divergence meant the economy-wide net flow remained positive even as the central bank channel slipped into negative territory.

No explanation from the CBN

The CBN did not provide an explanation for the March decline. The figures come from the Q1 2026 quarterly Statistical Bulletin.

The 29% monthly drop stands in contrast to the year-on-year gain, leaving the March reading at US$4.94 billion, still above the US$3.58 billion recorded a year earlier.