Nigeria's FX Inflows Reach $112 Billion in 2025

In 2025, Nigeria's foreign exchange market recorded inflows of $112.27 billion, a rise from $99.44 billion in 2024 and $65.76 billion in 2023. Autonomous sources, particularly private capital flows, accounted for 64% of total inflows, indicating a structural shift away from reliance on the Central Bank of Nigeria (CBN).

The CBN's own foreign exchange sales rebounded sharply to $8.94 billion from a multi-year low of $3.95 billion in 2024. The surge in autonomous inflows to $72.91 billion in 2025, up from $41.80 billion in 2023, reflects a near doubling of private sector dollar flows.

Analysts, including Yusuf Care from the Lagos Chamber of Commerce and Industry, noted that while the recovery in CBN sales is significant, caution is needed in drawing conclusions. Charl Fakrogha, CEO of ECL Asset Management, expressed concerns about the dominance of financial services in foreign exchange utilization, while Aruna Kebira, CEO of Globalview Capital, emphasized the importance of regulatory improvements to attract capital inflows.