Nigeria’s FX Inflows Surge 354% to N609bn as CBN Eyes $1bn Monthly Diaspora Remittances
- The Nigerian economy has witnessed a surge in foreign exchange inflows via the Nigerian stock market
- The Nigeria Exchange Limited report on foreign exchange inflows showed that Nigeria experienced multiple-digit growth in FX inflows in 2025
- This comes as the Central Bank of Nigeria (CBN) set an ambitious target of hitting a new milestone in diaspora remittances in 2026
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Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
Foreign Portfolio Inflows (FPIs) on the Nigerian stock market rose by 354.4% to N609.73 billion in the first seven months of this year, against the N134.19 billion recorded in the same period in 2022.
The domestic and foreign transactions report issued by the Nigerian Exchange Limited (NGX) showed that FX inflow rose by 382.2% to N671.56 billion in the first seven months of 2025, relative to N138.97 billion in 2022.
Source: Getty Images
Surge in FX inflows
Meanwhile, total FX flows rose by 369.2% to N1.281 trillion in the seven months of this year, as against N273.16 billion in 2022.
According to a Vanguard report, further analysis showed that total transactions at the NGX increased significantly by 240.8% to N6.008 trillion in seven months from N1.763 trillion in 2022.
The NGX report showed that domestic retail investors’ transactions rose by 311.6% to N1.988 trillion in 2025 from N482.79 billion in 2022.
Domestic institutional investors’ transactions rose by 171.9% to N2.738 trillion in 2025 from N1.0007 trillion in 2022.
Breakdown of total inflows
On a year-to-date basis, the foreign inflow rose by 128.7% to N609.73 billion from N266.64 billion in 2024.
The foreign outflow year-to-date rose by 102.7% to 671.56 billion from N33.36 billion in the corresponding period in 2024.
On the 20-year market performance, domestic transactions increased by 33.15% from N3.556 trillion to N4.735 trillion in 2024, while foreign transactions also rose by 38.31% from N616 billion to N852 billion in the same period.
In 2024, domestic transactions contributed approximately 85% of all transactions, with foreign transactions accounting for the remaining 15%.
For 2025, domestic transactions are valued at approximately N4.7269 trillion, while foreign transactions stand at approximately N1.28123 trillion.
CBN sets $1bn diaspora target
Meanwhile, the Central Bank of Nigeria (CBN) has set an ambitious goal of hitting $1 billion monthly in diaspora remittances.
On Tuesday, September 9, 2025, the governor of the CBN, Olayemi Cardoso, asked Nigerian banks to intensify support for the apex regulator’s efforts to raise diaspora remittances to $1 billion per month.
He described the inflows as a strategic lever for FX stability and a larger economic boost.
The CBN boss disclosed at the 18th Annual Banking and Finance Conference of the Chartered Bankers of Nigeria (CIBN) in Abuja that Nigeria has made progress, with monthly remittances rising from $250 million to $600 million.
He attributed the improvement to collaborative outreach missions, where Nigerian banks worked closely with the apex bank to engage diaspora Nigerians.
Experts react
He clarified that the $1 billion monthly target by 2026 would depend on commercial banks' collaboration.
Experts have said that the CBN’s ambition is in order if the banks cooperate and work with the financial sector regulator.
Source: Getty Images
They say that Nigeria's robust foreign exchange reserves are in good shape to support the naira and boost the local economy.
“I am sure that the plan is achievable if there is synergy between the banks and the CBN,” Janet Ogochukwu, senior banker and economist, said.
“We are looking at high volume turnover in FX on the NGX and diaspora remittance,” she said.
Naira hits highest level in months at N1,497
Legit.ng earlier reported that the naira had surged to its strongest level in months, trading at N1,497 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The rally, supported by rising foreign reserves and increased dollar supply, has also been reflected in the black market, where rates continue to appreciate.
Analysts said this momentum could shift year-end forecasts for the local currency, which many expected to hover between N1,580 and N1,600 per dollar in 2025.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
