The Central Bank of Nigeria (CBN) significantly increased its foreign exchange (FX) sales in March 2026, supplying $953.41 million to the market as it moved to improve dollar liquidity and support orderly trading.
Data from the CBN’s latest Quarterly Statistical Bulletin showed that March recorded the strongest level of FX intervention in almost a year. The figure was the highest since April 2025, when the apex bank sold about $1.65 billion into the market.
The March intervention also represented a major increase from the first two months of 2026. In January, the CBN sold only $58.93 million, while February recorded $244.13 million. By March, however, sales had jumped to $953.41 million.
This means the amount supplied in March was nearly four times February’s level and more than 16 times the January figure.
Most of the March intervention was carried out through the spot market. The CBN sold $950.10 million through spot transactions, while another $3.31 million was allocated to Ministries, Departments and Agencies (MDAs).
The sharp increase suggests that the central bank stepped up its presence in the market after relatively low intervention at the beginning of the year.
Nigeria’s foreign exchange market has changed considerably since the government and the CBN introduced major reforms in 2023. The reforms brought different official exchange-rate windows together and allowed market forces to play a greater role in determining the value of the naira.
As a result, private-sector sources have become increasingly important to the supply of dollars in the formal market. Exporters, foreign investors and other businesses now account for a significant portion of FX inflows.
This development has reduced the need for the CBN to continuously supply large amounts of foreign currency. However, the latest March figures show that the apex bank remains ready to intervene when market liquidity becomes tight or demand rises sharply.
Analysts believe the strategy reflects a more targeted approach to FX management. Rather than maintaining heavy intervention at all times, the CBN can allow autonomous inflows to meet much of the market’s demand while stepping in when additional liquidity is required.
The March increase therefore does not necessarily signal a return to the CBN’s previous level of market dominance. Instead, it highlights the bank’s role in helping to smooth temporary imbalances and maintain stability.
For businesses that depend on foreign currency, stronger FX liquidity could help improve access to dollars and make international transactions more predictable. It could also support efforts to reduce excessive pressure on the naira.
The latest intervention shows that although Nigeria’s FX market is becoming more dependent on private-sector inflows, the CBN still has an important role to play in maintaining an orderly and liquid currency market.
