CBN Spent $7.8 Billion on FX Management in 2025

According to a Stanbic IBTC economist, the Central Bank of Nigeria (CBN) expended $7.8 billion on foreign exchange (FX) liquidity management in 2025. This expenditure was primarily aimed at stabilizing the naira during a period of heightened exchange rate volatility.

Nearly half of these interventions occurred between March and May 2025, a time marked by significant depreciation and negative market sentiment. The CBN intensified dollar sales to calm the market and restore confidence, which coincided with stronger FX inflows from oil exports, remittances, and foreign portfolio investments.

The economist noted that the liquidity injections helped narrow exchange rate disparities and improve overall market confidence. Looking ahead, the economist projected a cautiously optimistic outlook for Nigeria's economy in 2026, with expected GDP growth ranging from 4.1% to 4.4%, driven by the non-oil sectors such as agriculture and manufacturing.

However, analysts cautioned about potential fluctuations in global oil prices and unpredictable policies from major economies affecting capital flow and exchange rate stability.