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FX utilisation jumped 91.1 percent from $26.65 billion in 2024, reaching its highest level since 2019.
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Aggregate FX inflows rose 13.81 percent to $109.86 billion, while outflows increased 27.83 percent to $49.05 billion.
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Nigeria ended 2025 with a net FX inflow of $60.81 billion as reserves continued to strengthen into 2026.
September 10, (THEWILL) – The figures, contained in the Central Bank of Nigeria’s 2025 Statistical Bulletin, show a significant increase in foreign exchange utilisation compared with the previous year.
The 2025 total represents an increase of $24.28 billion from the $26.65 billion recorded in 2024, highlighting a sharp expansion in foreign currency transactions during the year.
FX utilisation remained elevated through 2025
The CBN data showed that FX utilisation remained relatively strong across the four quarters, although activity varied during the year.
Utilisation stood at $12.71 billion in the first quarter and increased to $13.13 billion in the second quarter, the highest quarterly figure for the year.
It subsequently moderated to $12.01 billion in the third quarter before recovering to $13.08 billion in the final quarter.
The quarterly figures indicate that foreign currency utilisation remained above $12 billion in every quarter of 2025, pointing to sustained demand for FX across different segments of the economy.
The increase came alongside higher FX inflows, suggesting that the rise in utilisation was accompanied by stronger foreign currency availability within the financial system.
According to the CBN, aggregate FX inflows increased to $109.86 billion in 2025 from $96.53 billion in 2024, representing a 13.81 percent rise.
Net FX position strengthened despite higher outflows
Aggregate FX outflows also increased during the year, rising by 27.83 percent from $38.37 billion in 2024 to $49.05 billion in 2025.
Despite the higher outflows, Nigeria recorded a net FX inflow of $60.81 billion in 2025, compared with $58.16 billion in the previous year.
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The stronger net position coincided with increased capital flows into the economy, with National Bureau of Statistics data showing significant foreign capital inflows during the second and third quarters of 2025.
Nigeria’s external position has also continued to strengthen in 2026, with foreign exchange reserves crossing the $54 billion mark in early September.
The improvement has coincided with periods of heightened activity in the Nigerian foreign exchange market.
Spot and derivatives transactions reached $5.06 billion in the week ended August 21, representing a 146.12 percent increase from the comparable previous period.
However, FX market activity has remained volatile. On September 7, turnover in the Nigerian Foreign Exchange Market fell sharply to $107.07 million, even as the naira strengthened to around N1,320 per dollar.
The contrasting movements underline the uneven nature of Nigeria’s FX market, despite the broader improvement in foreign currency inflows and reserves.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
