CBN Increases FX Interventions to $953.41 Million in March

In March 2026, the Central Bank of Nigeria (CBN) increased its foreign exchange interventions to $953.41 million, a notable rise aimed at supporting liquidity after a period of weak sales. This figure represents the highest level of FX sales since April 2025, when interventions reached $1.65 billion.

The March supply reflects a significant recovery from the $244.13 million sold in February and the $58.93 million in January, indicating a 291 percent increase from February and over 16 times the January level. Spot market transactions accounted for the majority of the interventions, totaling $950.10 million, with an additional $3.31 million allocated to Ministries, Departments, and Agencies.

The CBN's interventions had been below $800 million for much of 2026, with sales declining in the months leading up to March. Analysts note that the rise in autonomous dollar inflows, following exchange rate reforms, has lessened the need for CBN interventions, although periodic sales are still necessary to manage liquidity and ensure orderly market functioning.