Nigeria’s FX Market Update Q1,2025

The Nigeria FX Market Update for Q1 2025, prepared from the Central Bank of Nigeria’s latest Statistical Bulletin. Summary Key Highlights

• Strong inflow performance but faster outflow growth

Total FX inflows rose 19.3% YoY to $29.06 bn, while outflows increased 34.6% YoY to $13.91 bn, reflecting stronger FX demand pressures.

• Private market driving FX turnover

Autonomous inflows contributed 71% of total FX inflows ($20.74 bn) in Q1 2025, compared to 67% in the same quarter of 2024.

• Financial services outflows outpacing trade-related demand

FX utilisation for financial services reached $4.14 bn, nearly double that of the industrial sector ($2.31 bn) and well above combined food and manufactured imports.

• CBN now playing a more supervisory than interventionist role

FX sales declined to $2.24 bn in Q1 2025 (–48% from Q1 2023), as the Bank maintained a measured approach to intervention and allowed more market-based price discovery.   https://fmda.com.ng/wp-content/uploads/2025/10/Nigerias-FX-Market-Update-Q1-2025.pdf