Nigeria's Q2 FX flows hit $22.5B, highest since 2019 but FDI drops
Nigeria's net foreign exchange flows reached $22.50 billion in Q2 2026 (April–June), the strongest quarter since Q4 2019, according to the CBN's latest Statistical Bulletin. The figure rose from $21.33 billion in Q1, driven by a sharper drop in outflows than inflows. Monthly net flows climbed steadily: $6.53 billion in April, $7.91 billion in May, and $8.06 billion in June. Total inflows hit $31.43 billion against $8.93 billion in outflows.
Historically, this ranks 12th among Nigeria's highest quarterly net FX flows. The all-time peak remains Q3 2014 at $31.93 billion. The previous benchmark, Q4 2019, stood at $25.08 billion. So while this is a notable recovery, it hasn't returned to the highs seen a decade ago.
Autonomous channels—not the CBN—drove most inflows. Autonomous sources brought in $23.3 billion across the quarter, while CBN channels contributed $8.13 billion. Net flows through autonomous sources stayed positive every month; CBN channels posted a negative $176 million in April before recovering.
Portfolio investment jumped 45% to $6.51 billion, signalling renewed foreign appetite for Nigerian stocks and bonds. But foreign direct investment—the sticky, job-creating kind—fell sharply in Q1 even as total capital importation rose. That divergence matters: portfolio money can exit fast; FDI builds factories and employs people.
For anyone running a business, managing imports, or holding naira assets, the message is mixed. Short-term FX liquidity is improving, but the foundation remains fragile. Will you hedge currency exposure now, or bet on sustained inflows?