Nigeria's foreign exchange supply experienced a significant increase in 2025, rising by 20.5% to $8.94 billion from $7.43 billion in 2024, according to the Central Bank of Nigeria's (CBN) 2025 Statistical Bulletin. This represents an increase of $1.51 billion in foreign exchange supply compared to the previous year. The CBN's data also shows that the foreign exchange supply was low at the start of 2025 but gained momentum in the following months.
A breakdown of the monthly data reveals that foreign exchange supply stood at $590.64 million in January and $607.63 million in February. However, it increased significantly to $1.04 billion in March and peaked at $1.65 billion in April. The supply then fluctuated, falling to $838.93 million in May and $676.31 million in June, before rising to $759.02 million in July.
The foreign exchange supply continued to experience fluctuations in the second half of 2025, standing at $677.84 million in August and dropping to $399.80 million in September. October recorded the lowest supply of the year at $150.10 million. However, supply recovered to $638.38 million in November and $910.73 million in December.
In addition to the increase in foreign exchange supply, the CBN also reported that total foreign exchange inflows into Nigeria increased to $109.86 billion in 2025 from $96.53 billion in 2024. This represents a 13.81% increase. The CBN's data shows that foreign exchange inflows have been increasing, which could have a positive impact on Nigeria's economy.
However, foreign exchange outflows also increased during 2025, rising by 27.83% to $49.05 billion from $38.37 billion in 2024. Despite this, Nigeria recorded a net foreign exchange inflow of $60.81 billion in 2025, compared to $58.16 billion in 2024. The CBN's data provides valuable insights into Nigeria's foreign exchange market.
It is worth noting that the CBN's $8.94 billion foreign exchange supply figure is different from the broader $109.86 billion inflow figure, as they measure different aspects of foreign exchange activity. The CBN's data does not provide a detailed breakdown of the sources of the $8.94 billion supplied during 2025.
Despite the improvement in external liquidity, Nigeria's foreign exchange market remained volatile in 2026. The CBN's data suggests that the foreign exchange market continues to face challenges, and efforts may be needed to stabilize the market and ensure a consistent supply of foreign exchange.
Key points
- Nigeria's foreign exchange supply increased by 20.5% to $8.94 billion in 2025.
- Total foreign exchange inflows into Nigeria rose to $109.86 billion in 2025, a 13.81% increase from 2024.
- Nigeria recorded a net foreign exchange inflow of $60.81 billion in 2025.
