The Central Bank of Nigeria (CBN) says currency in circulation (CIC) rose to N5.73 trillion in 2025 from N5.44 trillion in 2024, attributing the increase to a faster pace of economic activity and rising demand for cash.
This was disclosed in the apex bank’s 2025 Annual Report and Statement of Accounts, which also showed that the bank significantly increased the volume of banknotes approved for printing during the year.
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According to the report, CBN approved a currency indent of 5.71 billion pieces across various denominations for 2025, representing a 20.5 per cent increase from the 4.74 billion pieces approved in 2024.
The report stated that 35 per cent of the printing allocation was awarded to the Nigerian Security Printing and Minting Plc (NSPM Plc), while the remaining 65 per cent was awarded to foreign high-security printers.
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FX inflows
The CBN report also stated that aggregate foreign exchange inflows into the economy rose to $109.86 billion in 2025 from $96.53 billion in the previous year.
The apex bank added that the increase was driven largely by increased autonomous inflows rather than official sources.
“The development was attributed, largely, to an increase in inflow through autonomous sources,” the CBN said.
According to the report, foreign exchange inflows through autonomous sources increased by 25.12 per cent to $70.54 billion, accounting for 64.21 per cent of total inflows during the year.
The CBN attributed the growth mainly to stronger non-oil export receipts, over-the-counter purchases, and increased capital importation.
Also, aggregate FX outflow, at $49.05 billion, rose by 27.83 per cent from $38.37 billion, mainly due to increased outflows through autonomous sources.
“Overall, the economy recorded a higher net inflow of $60.81 billion, from $58.16 billion in 2024,” the central bank said.
The CBN added that outflows through the bank constituted 66.86 per cent, while outflows through autonomous channels accounted for the balance.
A breakdown also showed that outflows through the bank increased by 1.74 per cent to $32.79 billion, from $32.23 billion.
Similarly, outflows through autonomous channels rose by 164.84 per cent to $16.26 billion, relative to the level in 2024.
It said a net inflow of $54.28 billion was recorded through autonomous sources, compared with $50.24 billion in 2024.
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FX utilisation
The CBN said foreign exchange utilisation increased by 59.36 per cent to $42.83 billion, from $26.88 billion in 2024.
A breakdown showed that $18.76 billion, representing 43.80 per cent of the total FX utilised, was used for visible imports, compared with $15.62 billion in 2024, the apex bank said.
According to the CBN, of the FX utilised for visible imports, the industrial sector accounted for the largest share at 42.11 per cent.
This was followed by the oil sector (25.91 per cent), manufactured products (15.64 per cent), food products (10.51 per cent), the transport sector (3.78 per cent), the mineral sector (1.04 per cent), and the agricultural sector (1.00 per cent).
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