The Central Bank of Nigeria (CBN) stated that the country’s monthly foreign exchange (FX) turnover increased to an average of $8.6 billion in 2025, attributing this to reforms surrounding remittance and other issues.
The Deputy Governor for Economic Policy, Mohammed Sani Abdullahi, hinted at this on Wednesday, October 15, during an investors forum on the sidelines of the International Monetary Fund (IMF)/World Bank annual meetings in Washington, D.C, United States.
He noted that over the last two years, the country has prioritised improving FX inflows into the economy.
As a result, “we’ve seen a significant jump,” Abdullahi said. “FX supply at the official window has significantly improved and been driven by order-based quotation, a lot of reforms around remittances and all the other issues that I mentioned, and the clearance of backlogs and all outstanding obligations.”
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His submission indicates that FX turnover has increased by 56.36 per cent when compared to about $5.5 billion monthly turnover recorded in the previous year.
“There’s been a significant increase in the average monthly turnover to $8.6 billion in 2025, versus an average of $5.5 billion and much less in the year before.
“Today, CBN stands as a net supplier by less than a percentage of the market turnover. We’re actually a net buyer in the market,” Abdullahi said.
According to the CBN deputy governor, the Nigerian FX market is now more robust and transparent.
He maintained that the country has been rebuilding its external buffers over the past two years to strengthen its resilience to economic shocks.
“It is, as much as possible, an active market — an ethical market — where players are supplying and buying in a very transparent manner.
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“We are currently commencing a reform together with stakeholders, SEC and the Pension Commission, of the secondary market to also improve investable instruments for investors, to deepen that market, to bring in transparency and ensure ethical conduct in that segment,” Abdullahi said.
He also hinted that the apex bank is targeting a $20 billion current account surplus in the medium term as reforms to boost non-oil exports, stabilise the foreign exchange market, and rebuild external buffers to take hold.
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“Our ambition now is to achieve a $20 billion current account surplus, driven by improved exports, capital flows, and reforms that unlock domestic value,” Abdullahi added.
Pinnacle Daily reports that Nigeria’s current account surplus improved to $5.28 billion in the second quarter of this year from $2.85 billion in the first quarter, reflecting stronger external sector resilience and improved FX inflows.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
