Nigeria’s Forex Market Turnover Rises by 56% to $8.6bn—CBN

Nigeria’s Forex Market Turnover Rises by 56% to $8.6bn—CBN

Nigeria’s foreign exchange market (forex) turnover has grown by 56.4%, reaching $8.6 billion in 2025, up from $5.5 billion in 2024, according to Mohammed Abdullahi, Deputy Governor for Economic Policy at the Central Bank of Nigeria (CBN).

He said the increase reflects ongoing monetary and fiscal reforms aimed at boosting liquidity, transparency, and investor confidence. “Average net FX flows between January 2023 and July have doubled,” Abdullahi noted at the Nigeria Investors Forum during the IMF/World Bank Meetings.

CBN reforms, including an order-based quotation system and remittance policy changes, have raised foreign reserves to $43.4 billion, covering 11 months of imports. The bank also released $13 billion to domestic and international banks to support liquidity.

CBN Governor Olayemi Cardoso said the reforms are rebuilding investor trust and positioning Nigeria as a leading investment destination. “The rise in reserves shows renewed confidence and stronger fundamentals,” he said.

Additionally, Cardoso, who spoke during an Investors’ Forum in Washington, D.C., on the sidelines of the ongoing IMF/World Bank Annual Meetings, pointed out that Nigeria’s gross external reserves have climbed to $43.4 billion, enough to cover 11 months of imports.

Presidential Adviser Sanyade Okoli projected 7% GDP growth by 2027–2028, citing diversification and strong sectoral performance. “Oil now accounts for just 4% of GDP, down from 8% in 2021,” she said, adding that PPPs in roads, power, and digital infrastructure are driving expansion.

Cardoso also revealed that Nigeria’s trade surplus now stands at 6% of GDP, reflecting improved resilience and policy stability.Banks Placements with CBN Spike as Liquidity Surplus Hits N7trn