The Central Bank of Nigeria (CBN) reported a significant decline in foreign exchange sales for the first half of 2026, marking the lowest level in nearly 19 years. According to the latest data released by the bank, total foreign exchange sales during the period totaled 220 billion naira, a sharp drop from the 350 billion naira recorded in the same period of 2025.
The decline reflects a broader trend of reduced foreign exchange inflows, driven by a combination of economic challenges and policy adjustments. The CBN has been implementing measures to stabilize the naira and curb inflation, which have included tighter monetary controls and increased intervention in the foreign exchange market. Despite these efforts, the volume of foreign exchange sold by the bank has continued to fall, raising concerns among financial analysts.
This marks the second consecutive quarter of declining FX sales, following a similar pattern in the first quarter of 2026. The drop comes amid a weak global economic environment and reduced oil prices, which have impacted Nigeria’s main revenue source. The CBN has also faced pressure to manage inflation, which has remained above the central bank’s target range.
The situation highlights the ongoing challenges facing Nigeria’s economy, particularly in maintaining currency stability and attracting foreign investment. With the global financial landscape remaining uncertain, the CBN’s ability to manage these pressures will be crucial in shaping the country’s economic outlook in the coming months.
