Nigeria's foreign exchange inflows experienced a significant surge in the first quarter of 2026, reaching $32.4 billion. This represents a 13% increase quarter-on-quarter and an 11% year-on-year growth. The Central Bank of Nigeria's Quarterly Statistical Bulletin revealed that autonomous sources were the primary drivers of this growth.
The growth in foreign exchange inflows was accompanied by a mixed movement in outflows, resulting in a substantial improvement in Nigeria's net external foreign exchange position. Total foreign exchange outflows stood at $11.1 billion during the quarter, representing an 11% increase quarter-on-quarter but a 21% decline compared to the same period in 2025.
Autonomous sources accounted for the entire quarterly increase in total foreign exchange inflows, with inflows through these sources climbing 24% quarter-on-quarter to $22.2 billion. This represents approximately 68% of total foreign exchange inflows into the economy during the quarter. In contrast, foreign exchange inflows through the Central Bank of Nigeria fell by 4% quarter-on-quarter to $10.2 billion.
The divergent performance of autonomous sources and Central Bank of Nigeria inflows highlights the growing importance of non-Central Bank channels in supplying foreign currency to the Nigerian economy. The $22.2 billion recorded through autonomous sources more than offset the $430 million decline in inflows through the Central Bank of Nigeria.
On the outflow side, transactions through the Central Bank of Nigeria rose 5% quarter-on-quarter to $7.4 billion, accounting for approximately 67% of total foreign exchange outflows. Meanwhile, foreign exchange outflows through autonomous sources increased more sharply, rising 28% quarter-on-quarter and 7% year-on-year to $3.6 billion.
Despite the increase in autonomous outflows, the substantial rise in autonomous inflows meant that net autonomous foreign exchange flows strengthened by 23% quarter-on-quarter to $18.6 billion. By comparison, net foreign exchange flows through the Central Bank of Nigeria moderated by 21% to $2.8 billion.
The stronger foreign exchange liquidity provided support for the naira during the quarter, with the domestic currency appreciating by approximately 4.6% quarter-on-quarter to N1,384.01/$. However, the outlook for foreign exchange liquidity could face fresh pressure following the Central Bank of Nigeria's recent monetary policy adjustment, which cut the Monetary Policy Rate by 350 basis points to 23%.
Key points
- Nigeria's foreign exchange inflows reached $32.4 billion in Q1 2026, driven by autonomous sources.
- Autonomous sources accounted for 68% of total foreign exchange inflows into the economy during the quarter.
- The stronger foreign exchange liquidity supported the naira, which appreciated by 4.6% quarter-on-quarter to N1,384.01/$.
