Nigeria experienced substantial year-on-year declines in exchange rate gain revenue from April to June 2025, with decreases of 90%, 81%, and 85% respectively

  • Nigeria’s exchange rate gain revenue dropped by 73.2% in H1 2025 compared to H1 2024.
  • In April 2025, exchange rate gain fell by 90% year-on-year from ₦285.5B to ₦28.7B.
  • May saw an 81% drop, with revenue declining from ₦438.9B in 2024 to ₦81.4B in 2025.
  • January 2025 was the only month with a stable figure, matching January 2024’s ₦402.7B.
  • Exchange rate gain revenue for February and March 2025 was unavailable, likely worsening the total.
  • The first half of 2025 generated only ₦589.4B in FX gains, compared to ₦2.2T in the same period in 2024.

Nigeria experienced a significant decline in revenue from exchange rate gains in the first half of 2025, dropping from ₦2.2 trillion in H1 2024 to just ₦589.4 billion—a 73.2% decrease. This collapse was most pronounced in the second quarter of 2025, where year-on-year comparisons showed sharp contractions of 90%, 81%, and 85% in April, May, and June, respectively, while January held steady at ₦402.7 billion.

This means that, in April 2024, Nigeria earned ₦285.5 billion in exchange rate gains. A year later, it earned only ₦28.7 billion. May followed the same pattern, plunging from ₦438.9 billion to ₦81.4 billion. And in June, revenue further collapsed from ₦507.5 billion to ₦76.6 billion.

Source:

CBN

Period:

Jan-Jun 2025
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