Nigeria’s financial market trading is booming, but where is it headed in 2025? This report gives you the real statistics, from January 2024 to April 2025, across forex, crypto, stocks, indices, and commodities in Nigeria.
In 2025, more Nigerians than ever are buying dollars on P2P, flipping crypto on platforms like Bybit, checking forex charts between lectures, or holding stocks on apps like Bamboo and Risevest. It’s no longer just a hustle — it’s a full-blown economy.
If you’re a full-time trader, a beginner, a blogger looking for citation, a journalist or a fintech startup doing market research, this is your go-to report.
Let’s look at what is hot, what’s risky, and what to expect for the rest of the year.
Nigeria Forex Trading Stats: January 2024 – April 2025
📊 1. Market Inflows & Trading Volume
Q1 2025 Surge
Nigeria’s foreign exchange (FX) market witnessed a significant uptick in Q1 2025, with total inflows reaching $28.92 billion, marking an 18.7% increase compared to Q1 2024. This surge underscores growing investor confidence and improved market dynamics.
April 2025 Dip
However, April 2025 saw a 5.7% month-on-month decline in FX inflows, totalling $6.67 billion, down from March’s $7.07 billion. The drop was attributed to decreased foreign portfolio investments and lower corporate inflows.
Sources:
💱 2. Exchange Rate Dynamics
Naira’s Volatility
The Naira experienced significant fluctuations during this period. Starting at approximately ₦1,386.5/USD in January 2024, it depreciated to an all-time high of ₦1,660/USD by June 2024. However, by January 2025, the Naira appreciated to around ₦1,536.72/USD, reflecting a 7.6% gain from its lowest point.
April 2025 Rate
As of April 30, 2025, the official exchange rate stood at ₦1,599.50/USD, indicating relative stability in the FX market.
Source: LinkedIn – Nairametrics
🏦 3. Regulatory Developments
FX Code Implementation
In January 2025, the Central Bank of Nigeria (CBN) launched the Nigerian Foreign Exchange (FX) Code, aiming to promote transparency, professionalism, and ethical conduct among market participants. The code serves as a guideline for best practices in the FX market.
EFEMS Introduction
To enhance efficiency, the CBN introduced the Electronic Foreign Exchange Matching System (EFEMS) in December 2024. This system automates the matching of FX orders, improving transparency and reducing transaction times.
Sources:
📈 4. Foreign Exchange Reserves
Reserve Levels
Nigeria’s foreign exchange reserves stood at $38.32 billion in March 2025, a slight decrease from $38.90 billion in February. The reserves peaked at $40.90 billion in December 2024, reflecting the country’s efforts to bolster its external buffers.
Source: Proshare
👥 5. Retail Forex Trading Trends
Trader Demographics
The number of retail forex traders in Nigeria has been on the rise, with a significant portion being young adults aged 25-34. The accessibility of mobile trading platforms and increased financial literacy have contributed to this growth.
Popular Platforms
Nigerian traders predominantly use platforms such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. Leading brokers serving Nigerian clients include Exness, HotForex (HFM), and Octa, offering user-friendly interfaces and educational resources.
Sources:
🔮 6. Future Outlook
Market Projections
Analysts anticipate continued growth in Nigeria’s forex market, driven by regulatory reforms, technological advancements, and increased participation from both retail and institutional investors.
Naira Stability
With ongoing efforts by the CBN to stabilise the Naira and enhance FX market transparency, the local currency is expected to experience reduced volatility, fostering a more conducive environment for forex trading.
Sources:
Nigeria Cryptocurrency Trading Stats: January 2024 – April 2025
📊 1. Market Activity & Transaction Volume
Total Transaction Value
Between July 2023 and June 2024, Nigeria processed approximately $59 billion in cryptocurrency transactions, ranking second globally in crypto adoption.
Year-on-Year Growth
In 2024, Nigeria’s total cryptocurrency value received rose from $44.3 billion in 2023 to $55.4 billion, reflecting a significant market rebound.
Sources:
📈 2. Adoption & Usage Patterns
Global Adoption Ranking
Nigeria ranked 2nd globally in the 2024 Global Crypto Adoption Index, trailing only India.
Retail Activity
Approximately 85% of Nigeria’s crypto transactions were under $1 million, indicating strong retail participation.
Stablecoin Usage
Stablecoins accounted for 43% of Nigeria’s total crypto transaction volume, highlighting their role in mitigating currency volatility.
Sources:
🏦 3. Regulatory Developments
Ban Lifted
In December 2023, Nigeria lifted its ban on cryptocurrency transactions. In March 2025, the Nigerian government passed the Investment and Securities Act in Nigeria 2025.
This new law officially recognises digital currencies like Bitcoin, Ethereum, and others as part of the financial system.
This policy change marked a significant shift from previous restrictions, aiming to integrate cryptocurrencies into the formal financial system.
Sources:
👥 4. Demographics & User Behaviour
User Base
As of 2024, Nigeria had over 22 million cryptocurrency users, representing a substantial portion of the population.
Age Distribution
The majority of users were young adults aged 18 to 35, reflecting the tech-savvy demographic driving adoption.
Sources:
🔮 5. Future Outlook
Continued Growth
With regulatory support and increasing adoption, Nigeria’s cryptocurrency market is poised for continued growth beyond April 2025.
Innovation & Investment
The evolving regulatory landscape is expected to attract more institutional investment and foster innovation in the crypto space.
Sources:
Nigeria Stock Market Performance: January 2024 – April 2025
📈 1. Market Capitalisation & All-Share Index (ASI)
2024 Performance
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) closed 2024 with a significant annual growth of 37.65%, reflecting strong investor confidence and robust market activities.
January 2025
The market commenced 2025 on a positive note, with the ASI gaining 1.42% in the first week, continuing the bullish trend from the previous year.
April 2025
By the end of April 2025, the ASI stood at 105,800.85 points, marking a 2.8% increase from the beginning of the year. The market capitalisation rose by ₦3.73 trillion, closing at ₦66.496 trillion.
Sources:
📊 2. Monthly Market Performance
January 2025
The market gained ₦1.95 trillion, driven by cautious trading and positive investor sentiment.
February 2025
A further increase of ₦2.48 trillion was recorded, attributed to strong corporate earnings and policy stability.
March 2025
The market experienced a decline of ₦936 billion, as investors shifted focus to money market instruments.
April 2025
A modest gain of ₦239.03 billion was achieved, reflecting renewed investor interest.
Source: Arise TV
👥 3. Investor Participation
Retail vs. Institutional Investors
As of October 2024, domestic retail investors accounted for 51% of market participation, slightly surpassing institutional investors at 49%.
Foreign Portfolio Investment (FPI)
Foreign inflows grew to ₦344.3 billion over a 12-month period, indicating increased international investor confidence.
Source: NGX Group
🔮 4. Future Outlook
Market Projections
Analysts predict continued growth in the Nigerian stock market, driven by regulatory reforms, increased foreign participation, and technological advancements in trading platforms.
NNPC IPO
The Nigerian National Petroleum Company (NNPC) is in the final stages of preparing for an initial public offering (IPO), which is expected to attract significant investor interest and further boost market capitalisation.
Source: Arise TV
Nigeria Stock Market Indices Performance: January 2024 – April 2025
1. NGX All-Share Index (ASI)
January 2024
The NGX ASI opened the year at 102,926.40 points.
April 2025
By April 30, 2025, the index closed at 105,800.85 points, marking a 2.8% increase year-to-date.
Year-to-Date Performance
As of May 8, 2025, the ASI stood at 109,231.96 points, reflecting a 6.13% gain since the beginning of the year.
Sources:
2. NGX 30 Index
January 2025
The NGX 30 Index commenced the year with a positive trajectory.
April 2025
By April, the index had recorded a 5.99% year-to-date gain.
Source: AFX Kwayisi
3. NGX Banking Index
January 2025
The Banking Index posted a 9.76% gain in January.
April 2025
The index achieved a 6.98% year-to-date increase.
Sources:
4. NGX Industrial Goods Index
January 2025
The Industrial Goods Index declined by 8.52%.
April 2025
The index showed recovery with a 0.98% increase.
Sources:
5. NGX Lotus Islamic Index
Q1 2025
The NGX Lotus Islamic Index outperformed other indices, registering an 8.56% gain.
Source: Nairametrics
Nigeria Commodities Trading Stats: January 2024 – April 2025
📈 1. Market Overview
Total Merchandise Trade
In Q1 2024, Nigeria’s total merchandise trade stood at ₦31.81 trillion, marking a 46.27% increase over the previous quarter and a 145.58% rise compared to Q1 2023. Exports accounted for 60.25% of total trade, valued at ₦19.17 trillion.
Commodity Price Trends
According to AFEX’s 2025 Annual Commodities Outlook, commodity prices in Nigeria rose by 4% in 2024, reversing the 7% decline observed in 2023.
Sources:
🌾 2. Agricultural Commodities
Soybeans
In 2024, soybean prices in Nigeria surged by 133% year-on-year, surpassing ₦1,000,000 per metric ton, with a peak price of approximately ₦1,180,000 in Q3.
Cocoa
Cocoa prices in Nigeria experienced a dramatic increase in 2024, aligning with global market trends and recording an extraordinary 336% rise.
Corn
Nigeria’s corn production is anticipated to decrease by approximately 8% in the marketing year from October 2024 through September 2025.
Sources:
🛢️ 3. Energy Commodities
Crude Oil
In Q1 2024, crude oil exports were valued at ₦15.49 trillion, representing 80.80% of total exports.
Dangote Refinery
The newly constructed Dangote refinery is expected to influence product flows in the North Atlantic by mid-2025.
Sources:
📊 4. Trade Dynamics
Export Destinations
In Q1 2024, the major export destinations of Nigeria were France, Spain, the Netherlands, India, and the USA.
Trade with the U.S.
In Q1 2025, U.S. exports to Nigeria totalled $1.42 billion, while imports from Nigeria were $1.12 billion, resulting in a trade surplus of $300.4 million for the U.S.
Sources:
🔮 5. Future Outlook
Commodity Prices
Analysts anticipate continued volatility in commodity prices due to global economic uncertainties.
Agricultural Production
Efforts to enhance productivity through better techniques and government support are expected to help.
Energy Sector
The Dangote refinery is projected to reduce Nigeria’s dependence on imported petroleum products.
Source: Tribune Online
Top Trends Driving Online Trading in Nigeria in 2025
Here are the top trends fueling adoption, growth, and disruption in the major financial markets in Nigeria in 2025:
#1. Youth-Led Financial Independence
The average Nigerian trader is between 18 and 35, driven by unemployment, digital awareness, and the hunger for financial freedom.
Also Read:
- 15 Ways to Make Money with Forex in Nigeria in 2025 (with 15 Real Life Case Studies)
- 19 Ways to Make Money with Crypto in Nigeria in 2025 (with 19 Real Life Case Studies)
- All 7 Ways to Make Money with Bitcoin in Nigeria in 2025
#2. Rise of Mobile-First Trading Platforms
In 2025, over 90% of traders operate via smartphones. Trading apps are now data-light, highly optimised, and offer real-time signals, newsfeeds, and auto-execution bots.
Tools like MT5, Trust Wallet, Risevest, and AFEX’s ComX dominate app stores.
#3. Regulatory Clarity and Institutional Confidence
Thanks to the Investments and Securities Act (ISA) 2025, Nigeria now legally recognises crypto. This reform will bring a surge in institutional interest, VASP licensing, and bank-integrated wallets.
#4. P2P and Stablecoin Dominance in Crypto
Crypto adoption remains strongest in Nigeria through Peer-to-Peer (P2P) trading.
Platforms like Binance (before exit from Nigeria), Bybit, and Paxful saw heavy USDT/NGN volumes.
With the Naira’s volatility, stablecoins are now the new digital savings accounts for most young Nigerians.
#5. Retail Invasion of the NGX
Retail investor participation in Nigerian stocks is now 51%, overtaking institutional investors.
This is fueled by fractional shares, investment education on YouTube, and accessible fintech apps like Chaka and Trove.
#6. Mentorship and Signal Groups via Telegram/WhatsApp
Trading no longer happens in isolation. Nigerian traders join signal groups, live Zoom mentorships, and community forums.
The top forex and crypto influencers now double as educators, signal sellers, and community builders.
Also Read:
#7. AI and Auto-Trading Integration
AI-powered bots and automated strategies are now mainstream among Nigerian forex and crypto traders.
Platforms like MetaTrader allow expert advisors (EAs), and custom scripts that remove emotion from trading decisions.
#8. Content-Driven Financial Literacy
With creators focusing on finance, platforms like TikTok, Instagram, and YouTube now offer bite-sized, relatable trading education in Nigerian Pidgin, Yoruba, and Igbo.
Financial literacy is no longer scarce as before.
Comparative Analysis: Forex vs Crypto vs Stock vs Index vs Commodities in Nigeria (Jan 2024 – Apr 2025)
1. Side-by-Side Table of Key Stats
| Market Type | Estimated Users | Total Volume (Jan 2024–Apr 2025) | Top Platforms | Access Level |
|---|---|---|---|---|
| Forex | ~600,000+ active retail traders | $28.92B (Q1 2025) alone | OctaFX, HFM, Exness, MetaTrader | High (mobile/web brokers) |
| Crypto | 22 million+ holders | $55.4B+ (2024 estimate) | Binance, Quidax, Luno, Trust Wallet | Very High (P2P + exchanges) |
| Stocks (NGX) | ~1.7 million investors | ₦66.5T (~$47B market cap Apr 2025) | Chaka, Bamboo, Risevest | Moderate (apps & brokers) |
| Indices (NGX) | Institutional + advanced retail | Tracked, not directly traded | NGX, FMDQ (indirect) | Low (no ETF/derivative access) |
| Commodities | Thousands (mainly producers, traders) | ₦19.17T export in Q1 2024 (Crude oil) | AFEX, NCX | Low–Moderate (institutional-focused) |
2. Risk Profile & Volatility Comparison
| Market Type | Volatility | Risk Level | Notes |
|---|---|---|---|
| Forex | Moderate–High | High | Sensitive to monetary policy, CBN reforms, global news |
| Crypto | Very High | Very High | Prone to sharp moves, but stablecoins offer hedging |
| Stocks | Moderate | Medium | Company earnings, CBN rates, fiscal policy impact prices |
| Indices | Low–Moderate | Low–Medium | Basket of equities; smoother moves than individual stocks |
| Commodities | Sector-dependent | Medium–High | Volatile due to climate, export demand, geopolitical issues |
3. Liquidity & Accessibility Comparison
| Market Type | Liquidity | Accessibility | Barrier to Entry |
|---|---|---|---|
| Forex | Very High | Very Easy (apps, brokers) | Low (₦5,000–₦10,000 min deposits) |
| Crypto | High (BTC, USDT) / Low (altcoins) | Extremely Easy (P2P, wallets) | Very Low (₦1,000+ P2P trades) |
| Stocks | Moderate | App-based access improving | Moderate (ID verification, ₦1k–₦10k min) |
| Indices | Low retail access | Tracked not traded directly | High (institutional-only) |
| Commodities | Crude = High, Agri = Low–Medium | Institutional, few retail portals | High (bulk contracts, low tech adoption) |
Expert Forecast for 2025: What to Expect as the Year Goes On
Here’s what analysts and insiders project for Nigeria’s trading landscape between May 2025 and December 2025 across Forex, Crypto, Stocks, Indices, and Commodities.
Forex Trading Forecast (May–Dec 2025)
Market Predictions
- CBN will maintain FX reforms through the EFEMS system.
- Naira expected to stabilise within ₦1,550–₦1,600/$ range by Q4 2025.
- Volatility will persist around macroeconomic reports, oil exports, and global interest rate shifts.
Opportunities
- Short-term trading opportunities around Naira-related news events.
- Profit potential from USD/NGN and GBP/NGN trends using automated EAs.
Threats
- Risk of sudden FX policy reversals.
- Crude oil price crashes could reduce foreign reserves and FX liquidity.
Regulatory Outlook
- Stricter enforcement of the FX Code anticipated.
- Increased scrutiny on FX educators, influencers, and brokerage licensing.
Crypto Trading Forecast (May–Dec 2025)
Market Predictions
- Bitcoin likely to retest $70,000+ due to global ETF momentum and halving cycle.
- USDT/NGN P2P demand projected to spike if Naira weakens.
Opportunities
- Greater institutional access via licensed VASPs like Quidax and Busha.
- Growth in stablecoin-based remittances.
- Increasing use of dollar-cost averaging (DCA) strategies.
Threats
- Global crypto regulations (e.g., US SEC lawsuits) could affect Nigerian market sentiment.
- Continued rise in fraud and fake investment platforms may erode public trust.
Regulatory Outlook
- ARIP program will issue full licenses to selected crypto exchanges.
- SEC to audit major P2P operations for compliance and tax reporting.
Stock Market Forecast (May–Dec 2025)
Market Predictions
- ASI may surpass 115,000 points if earnings and investor sentiment stay strong.
- A potential NNPC IPO in Q4 could attract new liquidity and retail investors.
Opportunities
- Dividend-focused investors likely to target banking and consumer goods sectors.
- Government infrastructure spending may benefit tech and energy stocks.
Threats
- Monetary tightening may trigger profit-taking.
- Weak Q2 earnings could prompt short-term selloffs.
Regulatory Outlook
- SEC may implement tech-driven investor protection systems.
- Enhanced enforcement against insider trading.
- Tax incentives for long-term investors under consideration.
Indices Outlook (May–Dec 2025)
Market Predictions
- NGX 30 and NGX Banking Index may grow 6%–10% due to recapitalization and digital banking expansion.
Opportunities
- Institutional investors may increase exposure to index-weighted portfolios.
- New ETFs or synthetic products could be launched by Q4 2025.
Threats
- High inflation and rising interest rates could dampen valuation growth.
Regulatory Outlook
- New index-linked investment products may be introduced.
- Initial adoption may be gradual due to market maturity.
Commodities Forecast (May–Dec 2025)
Market Predictions
- Prices of soybeans and cocoa likely to stay high due to climate change and global supply chain risks.
- Crude oil exports may rise with stable OPEC output and global demand.
Opportunities
- Increased retail access via AFEX, ComX, and digital commodity contracts.
- Commodities viewed as alternative inflation hedges.
Threats
- Insecurity and poor logistics in agricultural regions may limit supply.
- Weather unpredictability continues to pose risks to crop yields and prices.
Regulatory Outlook
- More commodity exchanges expected to gain full operating licenses.
- Import/export processes to be digitized and subjected to anti-fraud audits.
Conclusion
If there’s one thing Q1 2025 has made clear, it’s that Nigerians are not just participating in online trading anymore. They’re shaping it.
This report gave you the full picture — how forex is shifting, why crypto is evolving, which stocks are moving, how indices are tracking the market pulse, and where commodities are rising.
We showed you what’s working, what’s risky, and what’s coming next.
Now it’s your move.
Use this data. Bookmark this post. Share it with your trading groups. Reference it in your reports or blog. Let this guide help you trade with clarity, not guesswork.
Omoare-Allen
Welcome to chartsempire.com! I'm Omoare Allen, your guide in the world of finance and beyond. As an accomplished financial markets author, analyst, speculator, investor and mentor, I bring a wealth of expertise to the table. From dissecting market trends to strategic investment, my insights aim to navigate the complexities of the financial landscape. Off the charts, you'll find me on the golf course perfecting my swing, cycling through scenic routes, and diving into captivating reads. I won't make decisions for you, but would rather teach you what works for me, and how you can properly implement trade management skills to help you become confident in your financial goals. Whether you're here to say hi or share vital information, my email box is open for connection. Feel free to reach out through the contact page. See you in the next one☺️ Submit enquiries for writing and guest posting on the 👉 contact us page.
