The Central Bank of Nigeria (CBN) sold $950.1 million in the foreign exchange spot market in March 2026, accounting for approximately 58% of the $1.64 billion recorded in the first six months of the year.
Figures from the CBN’s second-quarter 2026 Statistical Bulletin showed that March recorded the highest monthly dollar sales during the period with intervention volumes declining sharply in the following three months.
The apex bank sold $53 million in January and $225.1 million in February before increasing spot-market sales to $950.1 million in March.
Sales subsequently dropped to $100 million in April, recovered to $150 million in May and increased slightly to $159.57 million in June.
The figures put total spot-market sales at approximately $1.64 billion, suggesting a significant concentration of the CBN’s dollar supply in the first quarter.
Beyond spot-market transactions, the central bank sold another $20.37 million to Ministries, Departments and Agencies, bringing reported foreign exchange sales across the two categories to approximately $1.67 billion.
The first-half performance contrasts with 2025, when the CBN recorded $8.20 billion in spot-market sales and $8.94 billion across its reported foreign exchange sales channels for the full year.
Although the periods are not directly comparable, the latest figures show that the central bank’s dollar sales remained relatively limited outside the March increase.
The development comes as Nigeria’s foreign exchange market continues to attract substantial demand from businesses, financial institutions and investors.
Foreign exchange utilisation reached $18.34 billion in the second quarter of 2026 with financial services accounting for $9.64 billion, or 52.58% of the total, according to market data.
For import-dependent businesses, access to foreign currency remains important for settling international obligations, purchasing equipment and financing raw material imports.
However, the volume of dollars sold directly by the CBN does not represent the total foreign exchange available in Nigeria’s financial system.
Commercial transactions, export earnings, investment inflows and other autonomous sources also contribute to market liquidity.
Consequently, lower central bank sales should not automatically be interpreted as a corresponding reduction in overall dollar supply.
The March concentration nevertheless highlights the uneven pattern of the CBN’s reported spot-market activity during the first half of the year.
Further data on foreign exchange inflows, trading volumes and exchange-rate movements will be important in assessing how the central bank’s interventions relate to broader market conditions.
For businesses and investors, the key consideration remains whether Nigeria can sustain adequate foreign exchange liquidity while reducing uncertainty around access to dollars and the cost of international transactions.