Central Bank of Nigeria (CBN) has reported that the country’s foreign exchange (forex) trading posted a record performance in January 2026, registering a net surplus of $9.2 billion.

The regulatory bank which disclosed this in its latest Monthly Economic Report, released, Monday, attributed the performance to a sharp rise in inflows and a significant decline in outflows.

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CBN said the record performance of the forex market further highlights the growing impact of its reforms aimed at improving market liquidity, attracting foreign capital and supporting exchange rate stability.

Data from the report showed that total forex inflows rose to $12.2 billion in January 2026, compared with $8.4 billion in December 2025 and $9.6 billion in January 2025. At the same time, aggregate forex outflows fell sharply by 43 per cent month-on-month and 38 per cent year-on-year to $9.2 billion.

As a result, net forex inflows climbed to an unprecedented $9.2 billion, significantly higher than the $3.1 billion recorded in December 2025 and the $4.8 billion achieved in the corresponding period of last year.

A breakdown of the inflow data showed that autonomous sources remained the biggest contributor to forex supply. Autonomous inflows, which accounted for about 62 per cent of total inflows, increased by 60 per cent month-on-month to $7.6 billion.

The strong performance from this segment suggests rising participation from foreign investors, exporters, remittance inflows and other private-sector sources that typically make up autonomous forex transactions.

CBN inflows also recorded substantial growth, rising by 60 per cent month-on-month to $4.7 billion. Together, the increase in both autonomous and official inflows significantly strengthened liquidity conditions in the market.

The improved supply of foreign exchange helped support the relative stability of the naira during the review period, reducing pressure on the local currency despite lingering economic challenges.

While inflows strengthened, demand for foreign exchange weakened considerably during the month.

The report attributed the decline in outflows largely to seasonal factors, including softer post-festive trade-related payments and reduced corporate demand for foreign exchange after the year-end business cycle.

CBN outflows moderated by 48 per cent month-on-month to $1.6 billion, indicating a reduction in official FX sales.

This trend was also evident at the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the central bank’s forex sales plunged by 95 per cent month-on-month to just $34 million in January.

The sharp drop in intervention sales suggests that improved market liquidity reduced the need for direct central bank support, allowing market forces to meet a greater share of demand.

Similarly, autonomous outflows declined by 37 per cent month-on-month to $1.4 billion, reflecting weaker trade-related payments and lower external transaction volumes during the period.

The record surplus also provides additional support for the country’s external reserves by reducing the need for heavy official interventions. With stronger liquidity conditions, the CBN has greater flexibility to manage reserves while maintaining orderly market operations.

The central bank’s strategy of maintaining relatively high interest rates is expected to continue attracting foreign portfolio investments and supporting liquidity in the market. In addition, the bank’s forec liquidity management framework is expected to help moderate excessive demand pressures and limit unnecessary outflows.