Nigeria\u2019s Forex Market Turnover Rises by 56% to $8.6bn\u2014CBN<\/p>\n
Nigeria\u2019s foreign exchange market (forex) turnover has grown by 56.4%, reaching $8.6 billion in 2025, up from $5.5 billion in 2024, according to Mohammed Abdullahi, Deputy Governor for Economic Policy at the Central Bank of Nigeria (CBN).<\/p>\n
He said the increase reflects ongoing monetary and fiscal reforms aimed at boosting liquidity, transparency, and investor confidence. \u201cAverage net FX flows between January 2023 and July have doubled,\u201d Abdullahi noted at the Nigeria Investors Forum during the IMF\/World Bank Meetings.<\/p>\n
CBN reforms, including an order-based quotation system and remittance policy changes, have raised foreign reserves to $43.4 billion, covering 11 months of imports. The bank also released $13 billion to domestic and international banks to support liquidity.<\/p>\n
CBN Governor Olayemi Cardoso said the reforms are rebuilding investor trust and positioning Nigeria as a leading investment destination. \u201cThe rise in reserves shows renewed confidence and stronger fundamentals,\u201d he said.<\/p>\n
Additionally, Cardoso, who spoke during an Investors\u2019 Forum in Washington, D.C., on the sidelines of the ongoing IMF\/World Bank Annual Meetings, pointed out that Nigeria\u2019s gross external reserves have climbed to $43.4 billion, enough to cover 11 months of imports.<\/p>\n
Presidential Adviser Sanyade Okoli projected 7% GDP growth by 2027\u20132028, citing diversification and strong sectoral performance. \u201cOil now accounts for just 4% of GDP, down from 8% in 2021,\u201d she said, adding that PPPs in roads, power, and digital infrastructure are driving expansion.<\/p>\n