Nigeria FX utilisation hits six-year high in 2025

The second half of the year did much of the heavy lifting. Utilisation reached $12.71 billion in the first quarter, $13.13 billion in the second, $12.01 billion in the third and $13.08 billion in the fourth, compared with a much weaker 2024 base.

Imports accounted for $19.94 billion of the total, up from $15.54 billion a year earlier, while invisible transactions jumped to $30.99 billion from $11.11 billion. Within that category, financial services alone rose to $20.30 billion from $10.76 billion, while business services climbed to about $5.45 billion from $702 million.

The data points to a recovery in activity but also to persistent foreign-currency dependence in the real economy. Industrial users remained the biggest import-related demand centre at $8.60 billion, followed by oil at $4.73 billion, manufactured products at $2.69 billion and food products at $2.36 billion.

That is important for markets because heavy FX utilisation can tighten pressure on reserves if inflows do not keep pace, even as Nigeria has recently seen stronger foreign currency receipts. The CBN said total FX inflows reached $109.86 billion in 2025, while outflows also rose to $49.05 billion, leaving a net inflow of $60.81 billion.

For the naira, the message is that demand remains strong even as official liquidity improves. Investors will be watching whether higher inflows, firmer reserves and ongoing market reforms are enough to absorb import and services demand without renewed exchange-rate stress.