Nigeria’s FX Market Update Q2,2025

The Nigeria FX Market Update for Q2 2025, prepared from the Central Bank of Nigeria’s latest Statistical Bulletin.

Summary Key Highlights

• FX pressures in Q2 2025 were driven primarily by a 53% q/q rise in invisibles, led by financial services, which increased to US$5.58bn, consistent with heightened portfolio-related and capital-market transactions.
• Import-related FX demand rose modestly to US$5.18bn, led by oil and industrial inputs, adding to early-quarter liquidity pressure.
• In response, CBN FX sales increased by 41% q/q to US$3.17bn, reflecting targeted intervention early in the quarter to stabilise market conditions amid uneven autonomous inflows.

Please download the full report here.