The Central Bank of Nigeria recorded total foreign exchange sales of $953.41 million in March 2026. This figure represents the highest monthly level observed since April 2025. The data is contained in the bank’s latest Quarterly Statistical Bulletin.
The March total marks a sharp recovery from the lows recorded at the start of the year. Sales had fallen to $58.93 million in January before rising slightly to $244.13 million in February. The jump to $953.41 million in March represents an increase of $709.28 million compared to the previous month. This is a rise of about 291%. The March figure was also more than 16 times the amount recorded in January.
Breakdown of Sales Channels
The composition of the forex supply for March was heavily concentrated in specific areas. Total sales stood at $953.41 million, comprising $950.10 million in FX spot sales. FX sales to Ministries, Departments, and Agencies (MDAs) accounted for a much smaller portion of the total. These sales to MDAs reached just $3.31 million during the month.
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Other reported categories contributed relatively small amounts or saw no activity at all. The data indicates that no sales were recorded under the Wholesale Dutch Auction System. The Retail Dutch Auction System also recorded zero sales. Additionally, there were no sales figures for interbank, inter-bank forward, BDC, or SME channels. The Secondary Market Intervention Sales (SMIS) and Investor and Exporter (I&E) windows also showed no activity in the March data.
Historical Volatility
Looking back at the previous year highlights the volatility in the market. In April 2025, the CBN recorded its highest monthly figure of $1.65 billion. However, sales fell to $838.93 million in May and dropped further to $676.31 million in June. The downward trend continued through the summer. Sales fell to $399.80 million in September and hit a low of $150.10 million in October.
A recovery began late in the year. The figure rebounded to $638.38 million in November and reached $910.73 million in December. The first two months of 2026 then saw another sharp decline before the recent surge. The March increase therefore represents a notable shift in the amount of foreign currency moving through the bank’s reported channels.
Changing Market Trends
The fluctuations in central bank sales come against a backdrop of significant policy changes. Nigeria unified its multiple exchange rate windows in 2023. This policy removed the arbitrage opportunities that previously distorted flows and suppressed formal market participation. Since then, the composition of forex supply has changed. The CBN is recording much lower total sales compared with earlier periods.
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The volatility in official sales numbers points to a maturing market structure. In many developing economies, as private dollar inflows grow, the central bank’s role often shifts from being the primary supplier to a stabilizer. The data suggests Nigeria is undergoing a similar transition, where the bank steps back when autonomous sources are strong enough to meet demand.
Reports indicate that the foreign exchange market recorded a decisive structural shift in 2025. Autonomous sources accounted for 64.94% of total FX inflows during that year. These are private capital flows that exist outside the central bank’s direct control.
Autonomous inflows surged to $72.91 billion in 2025. This is an increase from $59.29 billion in 2024 and $41.80 billion in 2023. The figures reflect a near-doubling of private-sector dollar flows in just two years. This rise in autonomous funding has altered the setting, reducing the pressure on the central bank to supply the market directly.