Nigeria's FX Demand Hits $50.93 Billion in 2025

In 2025, Nigeria's foreign exchange (FX) utilisation reached $50.93 billion, the highest since 2019, reflecting a 91.1% increase from $26.65 billion in 2024, according to the Central Bank of Nigeria's (CBN) 2025 Statistical Bulletin. The surge was attributed to increased demand for imports and invisible transactions, particularly in the financial services sector, which rose to $20.30 billion from $10.76 billion in 2024.

Quarterly FX utilisation figures showed $12.71 billion in Q1, $13.13 billion in Q2, $12.01 billion in Q3, and $13.08 billion in Q4. Additionally, total FX inflows for 2025 were $109.86 billion, a 13.81% rise from $96.53 billion in 2024, while FX outflows increased by 27.83% to $49.05 billion, resulting in a net FX inflow of $60.81 billion.

The National Bureau of Statistics reported a total capital importation of $11.1 billion in the second and third quarters of 2025.