Abuja, Nigeria — The Central Bank of Nigeria (CBN) has disclosed a significant uptick in foreign trade payments, with total settlements reaching $267.96 million in April 2025 — a development seen as a positive signal for the country’s external trade dynamics.
According to data released by the apex bank, the figure represents a notable rise in international payment activity, particularly for imports of raw materials, machinery, and other production-related goods, as the foreign exchange market continues to stabilize under ongoing reforms.
CBN officials say the increase in foreign trade payments reflects a gradual return of investor and business confidence in Nigeria’s external sector, following months of volatility and dollar shortages.
“The growth in trade payments is a strong indicator that our foreign exchange management strategies are yielding results,” a senior CBN official noted. “It also highlights the responsiveness of the Nigerian business environment to global market demands.”
Economic analysts attribute the rise to recent policy adjustments, including the liberalization of the FX market, harmonization of exchange rates, and improved access to official forex channels for importers and exporters.
This comes amid broader efforts by the Tinubu-led administration to enhance Nigeria’s trade competitiveness and attract foreign direct investment through market-friendly policies.
However, some experts have cautioned that sustained progress will depend on the country’s ability to manage inflation, increase local production, and maintain political stability.
Meanwhile, the CBN reaffirmed its commitment to ensuring transparency in forex transactions and facilitating ease of trade for legitimate businesses. The bank also hinted at further reforms aimed at simplifying documentation and reducing transaction delays in the import-export process.
Nigeria’s total trade volume in Q1 2025 is expected to show further growth, with early indicators pointing toward increased demand for Nigerian crude and agricultural exports, alongside a recovery in industrial imports.
