Nigeria’s FX demand jumps 91% to $50.93 billion, strongest in six years

Nigeria's foreign currency usage surged by 91.1% in 2025, reaching an impressive $50.93 billion, marking the highest annual level since 2019, according to data from the Central Bank of Nigeria (CBN). The increase was primarily fueled by a more than doubling of demand for foreign currency by importers and businesses compared to the previous year, as reported in the Central Bank of Nigeria's 2025 Statistical Bulletin.

The surge in foreign exchange demand was observed across various sectors, including imports and services, rather than being concentrated solely on merchandise imports. The CBN's data also revealed that while the overall foreign exchange utilisation increased, aggregate FX outflows also rose by 27.83% to $49.05 billion, resulting in a net foreign exchange inflow of $60.81 billion, compared to $58.16 billion in 2024.

Additionally, capital imports attracted to Nigeria during the second and third quarters of 2025 amounted to $11.1 billion, as reported by Nairametrics. The strength of the Nigerian Naira weakened to N1,320/$ in a single day, causing the foreign exchange market turnover to plummet, marking a significant drop in market activity.