CBN: Nigeria’s FX supply rises 20.5% to $8.94 billion in 2025

Nigeria's foreign exchange supply increased by 20.5% to $8.94 billion in 2025, as reported by the Central Bank of Nigeria's (CBN) 2025 Statistical Bulletin. This rise, from $7.43 billion in 2024, was primarily due to higher monthly inflows during several periods of the year, although the annual supply was still below earlier levels in the CBN's historical series.

The exact sources of the foreign exchange supply remain unclear, as the CBN has not yet provided a sectoral breakdown. The surge in FX supply occurred against a backdrop of substantial foreign exchange usage, with Nigeria's FX utilization reaching $50.93 billion in 2025, the highest annual level since 2019. The capital importation, which soared to $11.1 billion during the second and third quarters of 2025, further contributed to the increased foreign exchange availability across various segments of the economy.

Despite the volatility in Nigeria's foreign exchange market, external reserves surged to $54.08 billion in September 2026, marking the first time they had surpassed this level since December 2008.