Nigeria received $20.98 billion in foreign capital inflows in the first ten months of 2025, according to Central Bank of Nigeria Governor Olayemi Cardoso. The figure represents a 70 percent rise over 2024 and a 428 percent increase compared to the $3.9 billion recorded in 2023.
Cardoso disclosed the data at the 60th Annual Bankers’ Dinner, linking the rise to tighter macroeconomic management, ongoing FX reforms, and improved transparency across financial markets. The National Bureau of Statistics has so far released only first-quarter capital importation figures, showing $5.6 billion in inflows.
He stated that the external sector delivered its strongest performance in years. The current account balance rose more than 85 percent, climbing from $2.85 billion in the first quarter to $5.28 billion in the second quarter, supported by higher non-oil exports and more stable FX inflows.
Foreign reserves increased to $46.7 billion by mid-November, the highest in nearly seven years, providing more than ten months of import cover. Cardoso emphasized that the reserve build-up is driven by improved FX market functioning, stronger non-oil export earnings, and increased investor participation rather than borrowing.
Non-oil exports grew by more than 18 percent year-on-year in 2025, supported by exchange-rate flexibility and gains in competitiveness under the market-determined FX regime. Oil production averaged between 1.45 million and 1.52 million barrels per day, but non-oil activity accounted for most of the external-sector improvement.
Diaspora remittances also strengthened after reforms to transparency and settlement across the FX ecosystem. Remittance inflows rose by about 12 percent, with further growth expected in 2026 as adoption of the Non-Resident BVN increases.
Cardoso said the CBN will maintain its flexible exchange-rate framework, allowing the naira to act as a shock absorber while containing excessive volatility.
