The Central Bank of Nigeria (CBN) sold $953.41 million in foreign exchange in March 2026, marking the highest monthly intervention since April 2025, according to data from the latest Quarterly Statistical Bulletin. The bulk of the sales, $950.10 million, went through the spot market, with an additional $3.31 million directed to Ministries, Departments and Agencies.
Sharp Recovery from Early 2026 Slump
The March figure represents a dramatic recovery from the opening months of 2026. The CBN sold just $58.93 million in January and $244.13 million in February, meaning March's intervention was more than 16 times the January level and roughly 291 per cent above February's sales. The last time interventions reached a comparable scale was April 2025, when the CBN supplied $1.65 billion to the market.
After that peak, sales cooled significantly, falling to $838.93 million in May, $676.31 million in June, and then sliding further to $399.80 million in September and $150.10 million in October before picking up again towards the close of 2025.
Private Sector Flows Now Leading the Market
Analysts say the broader pattern reflects a structural shift in how Nigeria's foreign exchange market operates since the government unified exchange rates in 2023. Private-sector participants, including exporters and investors, now contribute the majority of dollar inflows entering the formal market, reducing the pressure on the CBN to intervene continuously.
The weak sales recorded in January and February this year suggest the CBN leaned on those autonomous flows before stepping back into the market with larger spot sales in March. Experts note that while periodic CBN interventions remain necessary to manage liquidity and prevent disorderly price movements, the central bank no longer plays as dominant a role as it did before the exchange rate reforms took effect.
Naira Stabilises as Reserves Hit 17-Year High
The March intervention, in that context, signals a targeted response to rising demand pressures rather than a return to the sustained, large-scale FX supply that previously defined the CBN's approach. Data from the CBN shows that the naira closed flat on Friday, August 14, 2026, at N1,357 to a dollar. The current rate comes as Nigeria's external reserves hit $52 billion, a 17-year high.
Experts have said the current naira stability has trickled down to other sectors, with imports now getting cheaper. Earlier, the naira closed stronger against the US dollar on Thursday, August 13, at the Nigerian Autonomous Foreign Exchange Market (NAFEM), gaining N2.93, or 0.22%, to close at N1,357.65/$1, compared with N1,360.58 recorded on Wednesday. At the GTBank forex desk, the currency also firmed by N3 to N1,367/$1. In the parallel market, however, the naira remained unchanged at N1,395/$1, leaving the gap between the two segments at roughly 2.75%.
The naira's gains were not limited to the dollar. Against the pound sterling, it rose by N6.94 to close at N1,834.05 per pound, while it gained N5.01 against the euro to trade at N1,567.00 per euro at the official market.
