Nigeria’s FX Utilisation Hits $50.93bn in 2025, Highest in Six Years
Nigeria’s foreign exchange utilisation surged to $50.93 billion in 2025, its highest annual level since 2019, as demand for foreign currency by importers, businesses and other users more than doubled from the previous year.
The latest figure is contained in the Central Bank of Nigeria’s (CBN) 2025 Statistical Bulletin, which showed that total foreign exchange utilisation increased by 91.1% from the $26.65 billion recorded across the four quarters of 2024.
The sharp increase highlights the significant rise in demand for foreign currency during the year, following changes in the country’s foreign exchange market and improved access to formal FX channels.
Higher Import and Invisible Payments
The increase was driven by stronger demand for both merchandise imports and invisible transactions, which include payments for services and other international obligations.
Foreign exchange utilisation accelerated particularly in the second half of 2025, which accounted for the largest share of the year’s total utilisation.
The rise in utilisation reflects increased activity across Nigeria’s external payments market, as businesses and other economic agents accessed foreign currency to meet import, service and other international payment obligations.
The 2025 figure also marks a significant reversal from the relatively lower utilisation recorded in the preceding years, underscoring the scale of foreign exchange demand in the Nigerian economy.
