CBN Increases Foreign Exchange Sales to $953m Amid Demand Recovery

The Central Bank of Nigeria (CBN) scaled up its foreign exchange interventions to $953.41 million in March 2026, marking a sharp recovery in market liquidity support following low sales at the start of the year. Official figures from the CBN’s latest Quarterly Statistical Bulletin show that the March supply represents the highest monthly intervention since April 2025, when sales reached $1.65 billion. The total reflects a 291 percent increase from the $244.13 million supplied in February and is more than 16 times higher than January’s figure of $58.93 million.

A breakdown of the March supply shows that spot market sales accounted for the bulk of the liquidity at $950.10 million, while $3.31 million was allocated to Ministries, Departments, and Agencies (MDAs).

The surge follows a period of reduced direct central bank intervention, during which market operations relied more heavily on autonomous foreign exchange inflows from private-sector participants, exporters, and foreign investors. Market analysts note that while exchange rate reforms have increased reliance on autonomous dollar sources, periodic interventions by the apex bank remain strategic to managing sudden demand pressures and stabilizing liquidity across the financial system.