The Central Bank of Nigeria (CBN) imposed N430 million in fines on financial institutions in 2025 for failing to promptly resolve customer complaints and comply with regulatory directives, even as the country’s foreign exchange (FX) inflows climbed to $109.86 billion, driven largely by autonomous sources.
According to the CBN’s 2025 Annual Report and Statement of Accounts, 21 sanctions were issued to banks and other financial institutions over infractions ranging from delayed complaint resolution to non-compliance with the apex bank’s directives. The regulator described the enforcement as part of efforts to strengthen consumer protection and market discipline.
The report also showed that consumer complaints rose by 10.53% to 23,129 in 2025, up from 20,925 in 2024, a trend the CBN attributed to greater public awareness and confidence in its complaint-resolution framework. Of the total complaints received, 18,824 were resolved during the year, up 9.36% from the previous year.
The value of claims handled also increased sharply. Naira-denominated claims rose to N40.61 billion from N17.13 billion, while foreign currency claims surged to $344.2 million from $1.06 million. Following complaint resolution, consumers recovered N19.12 billion and $329.3 million in refunds, compared with N9.66 billion and $0.67 million refunded in 2024.
Separately, the CBN disclosed that Nigeria’s total FX inflows increased by 13.81% to $109.86 billion in 2025 from $96.53 billion in 2024, while net FX inflows stood at $60.81 billion after total outflows rose to $49.05 billion.
The growth was largely driven by autonomous sources, which accounted for 64.21% of total inflows. Autonomous FX inflows rose 25.12% to $70.54 billion, supported by stronger non-oil export receipts, capital importation and over-the-counter purchases. Inflows through the CBN, however, declined slightly by 2.08% to $39.32 billion due to lower receipts from government debt and FX swaps.
The report also showed that FX utilisation rose 59.36% to $42.83 billion, driven mainly by higher invisible imports. Visible imports accounted for $18.76 billion, with the industrial sector recording the largest share of FX utilisation, followed by the oil, manufacturing and food sectors.
Beyond the customer complaint-related sanctions, the CBN imposed an additional N1.26 billion in penalties on financial institutions for other regulatory breaches during the year.