Nigeria’s net foreign exchange (forex) inflow grew by 12.3% year-on-year (YoY) to $41.73 billion in the first eight months of 2025 (8m’25), up from $37.14 billion recorded in the same period of 2024 (8m’24).

According to data from the Central Bank of Nigeria’s (CBN) monthly economic reports, the increase in net forex inflow was primarily driven by a 21.3% rise in forex inflows into the country, which offset a 34.4% increase in forex outflows.

Forex inflows into Nigeria reached $74.14 billion in 8m’25, compared to $61.09 billion in 8m’24. Meanwhile, forex outflows rose significantly by 34.4%, reaching $32.2 billion in 8m’25, up from $23.95 billion in 8m’24.

Despite this year-on-year growth, the analysis revealed a decline in net inflows on a quarter-on-quarter (QoQ) basis. Net forex inflows dropped by 4.14%, from $15.2 billion in the first quarter (Q1’25) to $14.57 billion in Q2’25.

In its latest Economic Report, the CBN highlighted a sharp decline in net foreign exchange inflows in August 2025. The net inflow dropped to $3.74 billion, down from $8.22 billion in July 2025, mainly due to reduced inflows from autonomous sources.

The CBN explained that the overall forex inflow in August decreased to $7.09 billion from $10.67 billion in July, while outflows rose to $3.36 billion, up from $2.46 billion the previous month. This resulted in a lower net inflow of $3.74 billion, compared to the $8.22 billion recorded in July.

Breaking it down further, the foreign exchange flow through the CBN saw a decrease in inflows to $3.04 billion from $4.29 billion, alongside a rise in outflows to $1.94 billion, from $1.37 billion in the prior month. Consequently, the CBN recorded a net inflow of $1.10 billion, compared to $2.92 billion in July.

In the case of autonomous sources, forex inflows decreased to $4.05 billion from $6.39 billion, while outflows also declined to $1.42 billion from $1.09 billion. This resulted in a lower net inflow of $2.64 billion from autonomous sources, down from $5.30 billion in the preceding period.