Nigeria’s Daily FX Turnover Tops $500m as Reforms Attract Bond Investors

Nigeria’s average daily foreign-exchange turnover has risen above $500 million, up from about $100 million before 2024, according to CardinalStone Partners. The increase follows Central Bank of Nigeria reforms aimed at improving liquidity and clearing outstanding FX obligations. Foreign portfolio inflows into Nigerian sovereign debt reached $4.9 billion in 2025 and climbed to $3.2 billion in the first quarter of 2026. Analysts link the renewed interest to improved FX market conditions, stronger external reserves and high local-currency bond yields. Nigeria’s 17.1% nominal bond yield is among the highest in the frontier market universe. CardinalStone expects sustained foreign demand and possible future interest-rate cuts to gradually push yields towards 14% over the next two years.

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