Nigeria’s total foreign exchange inflow declined by 18.3 per cent year-on-year (YoY) to $48.1 billion in the first nine months of 2025, compared to $58.8 billion in the same period of 2024, according to data from the Central Bank of Nigeria (CBN).
The contraction was largely driven by a 15 per cent drop in overall forex inflows, which outpaced a 12.2 per cent reduction in foreign exchange outflows during the period under review.
CBN’s foreign exchange flow data for the third quarter (Q3) of 2025 showed that total forex inflows into the economy fell to $83.71 billion in the nine-month period, down from $99.44 billion recorded a year earlier. Correspondingly, forex outflows declined to $35.65 billion from $40.61 billion.
A closer look at the data revealed that inflows through the CBN fell sharply by 30 per cent YoY to $28.72 billion in 9M’25, compared to $40.15 billion in 9M’24. Inflows through autonomous sources also dipped by 6.8 per cent to $54.99 billion from $59.29 billion.
On the expenditure side, forex outflows through the CBN dropped by 18.8 per cent to $25.68 billion, while outflows from autonomous sources increased by 18 per cent to $9.97 billion. Consequently, the CBN’s net forex flow plunged by 62 per cent YoY to $3.04 billion, while net flows through autonomous channels slid by 11.5 per cent to $45.02 billion.
IMTO Inflows Continue to Weaken
The CBN report also showed that inflows from International Money Transfer Operators (IMTOs)—a key source of autonomous forex—declined by 15.7 per cent to $3.22 billion in the nine months to September 2025, compared to $3.82 billion in the same period of 2024.
The drop was consistent across all quarters. In Q1 2025, IMTO inflows fell by 18 per cent to $888.3 million; in Q2, they dipped by 6.5 per cent to $1.18 billion; and in Q3, they slid further by 22 per cent to $1.15 billion.
The sustained downturn in diaspora remittances contributed to reduced autonomous forex liquidity despite the CBN’s policy efforts to attract inflows through official channels.
Q3 Rebound Brings Temporary Relief
After two consecutive quarters of decline, Nigeria’s net forex inflow rebounded in the third quarter of 2025, rising by 20 per cent quarter-on-quarter (QoQ).
According to the CBN’s Q3 2025 Quarterly Economic Report, “The economy recorded a higher net foreign exchange inflow, driven by lower outflow through the Bank.”
The report stated that net forex inflow climbed to $17.46 billion in Q3 2025 from $14.46 billion in Q2 2025. While total inflows fell marginally by 4.17 per cent to $26.27 billion, total outflows dropped sharply by 32.01 per cent to $8.80 billion, offering mild relief amid persistent foreign exchange challenges.
