Nigeria foreign portfolio inflows reach $6.31 billion in eight months

The Central Bank of Nigeria (CBN) reported that net foreign portfolio inflows reached $6.31 billion between January and August 2026. During a seminar organized for the Finance Correspondents Association of Nigeria (FICAN) in Abuja, Deputy Governor Dr. Muhammad Sani Abdullahi noted that total foreign exchange flows in July 2026 reached $10.82 billion, with approximately 68 percent originating from autonomous sources.

Nigeria’s gross external reserves rose to $55.60 billion as of September 11, 2026, providing approximately 11.3 months of import cover. This marks a significant increase from the second quarter of 2023, when net usable reserves were below $900 million. Abdullahi attributed these improvements to foreign exchange market reforms, tighter liquidity management, stronger oil receipts, and increased remittances, which reached $950 million in July through international money transfer operators.

The Deputy Governor also highlighted increased stability in the foreign exchange market, noting that the average gap between official and parallel market rates has narrowed from over 60 percent in 2022 to less than 2 percent. While acknowledging the improved liquidity, he cautioned that portfolio flows can reverse and emphasized the need for stable investment sources to support Nigeria’s goal of building a one-trillion-dollar economy by 2030.