Net foreign exchange inflow into the Nigerian economy declined by 18.3 per cent year-on-year to $48.1 billion in the nine months ended September 2025, down from $58.8 billion recorded in the same period of 2024.
The drop was largely driven by a sharper fall in foreign exchange inflows, which declined by 15 per cent year-on-year, outweighing a 12.2 per cent reduction in foreign exchange outflows over the period.
Data from the Central Bank of Nigeria (CBN) on foreign exchange flows showed that total forex inflows fell to $83.71 billion in the nine-month period of 2025, compared with $99.44 billion recorded in the corresponding period of 2024. On the other hand, total forex outflows declined to $35.65 billion from $40.61 billion a year earlier.
A closer look at the inflow components revealed a sharp contraction in forex inflows through the CBN, which dropped by 30 per cent year-on-year to $28.72 billion in 9M’25, from $40.15 billion in the same period of 2024. Inflows through autonomous sources also declined, though at a slower pace of 6.8 per cent, falling to $54.99 billion from $59.29 billion.
On the outflow side, forex outflows through the CBN decreased by 18.8 per cent year-on-year to $25.68 billion in the nine months to September 2025, compared with $32.16 billion in the corresponding period of 2024. In contrast, outflows through autonomous sources rose by 18 per cent to $9.97 billion, up from $8.44 billion a year earlier.
As a result, net foreign exchange flow through the CBN declined sharply by 62 per cent year-on-year to $3.04 billion, compared with $7.99 billion recorded in the same period of 2024. Net flows through autonomous sources also weakened, falling by 11.5 per cent to $45.02 billion from $50.85 billion.
IMTO inflows weaken autonomous supply
Further analysis showed that inflows from International Money Transfer Operators (IMTOs), a key source of autonomous foreign exchange supply, also declined during the period, reflecting pressures on diaspora remittances.
CBN data indicated that IMTO inflows dropped by 15.7 per cent year-on-year to $3.22 billion in the nine months ended September 2025, from $3.82 billion recorded in the corresponding period of 2024.
The decline was observed across all three quarters of the year. In the first quarter, IMTO inflows fell by 18 per cent to $888.3 million, compared with $1.08 billion in Q1 2024. This was followed by a 6.5 per cent year-on-year decline in the second quarter to $1.18 billion, down from $1.26 billion. In the third quarter, inflows dropped more sharply by 22 per cent to $1.15 billion, from $1.48 billion recorded in Q3 2024.
The sustained weakness in IMTO inflows contributed to the overall moderation in autonomous forex inflows, despite policy efforts aimed at boosting diaspora remittances through formal channels.
Q3 rebound offers mild relief
On a quarterly basis, net foreign exchange inflow into the economy declined by 6.4 per cent quarter-on-quarter in Q1 2025 and by 4.1 per cent in Q2 2025. However, the downward trend reversed in the third quarter, with net forex inflow rising by 20 per cent quarter-on-quarter.
In its Q3 2025 Quarterly Economic Report, the CBN attributed the improvement to lower foreign exchange outflows through the Bank. According to the report, net forex inflow increased to $17.46 billion in Q3 2025, compared with $14.46 billion in the preceding quarter.
During the period, aggregate forex inflow declined slightly by 4.17 per cent to $26.27 billion from $27.41 billion in Q2 2025, while forex outflow fell sharply by 32.01 per cent to $8.80 billion from $12.94 billion, providing temporary relief to the country’s external position.
Nigeria’s Net Forex Inflow Drops 18.3% to $48.1bn as Inflows Weaken in Nine Months
