Nigeria’s FX demand surged by 91.1% to $50.93 billion in 2025, reaching its highest annual level in six years as businesses, importers and other economic players increased their need for foreign currency. The figure, contained in the Central Bank of Nigeria’s (CBN) 2025 Statistical Bulletin, represents a sharp increase from the $26.65 billion recorded in 2024.
The increase was driven largely by higher demand for both import-related transactions and invisible services, with total FX utilisation standing at $12.71 billion in the first quarter, rising to $13.13 billion in Q2. Demand eased to $12.01 billion in Q3 before recovering to $13.08 billion in the final quarter of the year, bringing full-year utilisation to $50.93 billion.
According to the CBN data, invisible transactions accounted for the larger share of the demand at $30.99 billion, up significantly from $11.11 billion in 2024. Financial services alone rose to $20.30 billion from $10.76 billion, while business services climbed to about $5.45 billion from just $702 million. Import-related FX utilisation also increased, reaching $19.94 billion compared with $15.54 billion a year earlier.
Industrial activities recorded the largest share of import-related FX utilisation at $8.60 billion, followed by manufactured products at $2.69 billion and food products at $2.36 billion. The oil sector also recorded a notable increase, with FX utilisation rising to $4.73 billion from $2.26 billion in 2024. Transport and agriculture similarly recorded increases, suggesting that the pressure for foreign currency came from several parts of the economy rather than imports alone.
The surge in Nigeria’s FX demand came as total FX inflows rose to $109.86 billion in 2025, while aggregate outflows increased to $49.05 billion, leaving a net FX inflow of $60.81 billion. The latest figures come amid improving conditions in Nigeria’s external position, with foreign exchange reserves crossing $54 billion in September 2026. The combination of stronger inflows, rising FX utilisation and higher reserves highlights the changing dynamics of Nigeria’s foreign exchange market.
source: nairametrics
