Stanbic IBTC Asset Management Limited has revealed that the Central Bank of Nigeria (CBN) spent about $7.8 billion in 2025 to manage foreign exchange liquidity and stabilise the naira.
Abdulazeez Kuranga made this known while leading a team of investment analysts during Stanbic IBTC Bank’s recent launch of its “Nigeria 2026 Economic Outlook.”
According to him, nearly half of the interventions occurred during a period of heightened exchange rate volatility, as the apex bank intensified dollar sales to calm the market and restore confidence in the liberalised FX framework.
The Stanbic IBTC economists say the CBN’s intervention in 2025 played a critical role in stabilising the foreign exchange market after prolonged volatility, adding that the liquidity injections helped narrow exchange rate disparities and improve overall market confidence.
“The CBN sold about 7.8 billion dollars to the market last year. 47% of that came between March and May last year, 2025. When you are seeing massive depreciation in the exchange rate, perhaps because of negative sentiments, you see the CBN also selling FX in the market.
“The CBN now acts like a regular market participant, with its contribution to FX inflows declining significantly, averaging 12.9% from a peak of 77.9% in March 2020. And since then, we’ve been seeing a much-improved sentiment in this space,” the economist added.
They added that the interventions were particularly effective because they coincided with stronger FX inflows from oil exports, remittances, and foreign portfolio investments, alongside tighter monetary conditions that supported reserve accretion.
