Net Foreign Exchange Inflow into Nigeria Drops 18% to $61.3 Billion in 11 Months

Nigeria’s net foreign exchange (forex) inflow fell sharply by 18.3 percent year-on-year to $61.29 billion in the eleven months ending November 2025, down from $69.61 billion in the same period of 2024. The decline reflects weakened inflows through both the Central Bank of Nigeria (CBN) and autonomous sources, signaling growing pressure on the country’s forex market.

Data from the CBN revealed that total forex inflows into the economy dropped by 12.3 percent to $102.51 billion in the eleven-month period, compared with $116.99 billion recorded in the corresponding period of 2024. Outflows also declined to $41.26 billion, from $47.35 billion, highlighting mixed trends in Nigeria’s external currency flows.

Breaking down the numbers, forex inflows through the CBN plunged by 25.2 percent year-on-year to $35.55 billion, while autonomous sources recorded a modest 3.5 percent decline to $66.97 billion. On the outflow side, CBN outflows fell 21.7 percent to $29.72 billion, but autonomous outflows surged by 18.8 percent to $11.54 billion, indicating rising demand for dollars outside official channels.

As a result, net forex flows through the CBN dropped sharply by 39 percent to $5.83 billion, while net flows via autonomous sources fell by 7.7 percent to $55.42 billion. The data underscores the growing imbalance in Nigeria’s forex market, driven by lower inflows and higher private sector outflows.

Monthly figures also painted a worrying trend, with net forex inflow in November 2025 declining by 33 percent month-on-month to $5.28 billion. While aggregate inflows fell to $8.80 billion, outflows rose to $3.52 billion, compared with $10 billion and $2.09 billion, respectively, in October. Analysts say this trend could influence the naira’s stability and affect trade and investment flows in the coming months.

source: vanguard