Nigeria’s foreign exchange (FX) inflows recorded a significant boost in 2025, reaching $109.86 billion, according to the Central Bank of Nigeria (CBN). The figure represents a 13.81% increase from the $96.53 billion recorded in 2024, highlighting growing confidence in the country’s foreign exchange market. The latest figures, published in the CBN’s 2025 Annual Report and Statement of Accounts, point to stronger contributions from private and market-driven sources rather than direct interventions by the apex bank.
One of the biggest highlights of the report is the growing influence of autonomous foreign exchange sources, which accounted for 64.21% of total FX inflows during the year. These inflows rose by 25.12%, climbing from $56.38 billion in 2024 to $70.54 billion in 2025. The increase was largely supported by stronger non-oil export earnings, higher capital importation, and increased over-the-counter FX purchases. Meanwhile, FX inflows through the CBN dipped slightly by 2.08% to $39.32 billion, mainly due to lower proceeds from government debt and foreign exchange swap transactions.
Despite rising outflows, Nigeria still maintained a healthy foreign exchange position. Total FX outflows increased by 27.83% to $49.05 billion, compared to $38.37 billion in 2024, leaving the country with a net FX inflow of $60.81 billion. Autonomous channels generated a net inflow of $54.28 billion, reinforcing their growing importance in providing liquidity to the Nigerian foreign exchange market. The CBN contributed a net inflow of $6.52 billion, reflecting its continued, though smaller, role in supporting the market.
The report also showed that foreign exchange demand across key sectors of the economy expanded considerably during the year. Total FX utilisation surged by 59.36% to $42.83 billion, driven mainly by higher invisible imports such as business services, travel, and other non-physical transactions. Visible imports accounted for $18.76 billion, with the industrial sector taking the largest share at 42.11%. This was followed by the oil sector, manufactured goods, food products, transport, mineral resources, and agriculture, demonstrating sustained demand for foreign exchange across productive sectors of the economy.
The latest CBN figures reinforce a broader shift in Nigeria’s foreign exchange landscape, where market-driven inflows are becoming the primary source of FX liquidity. The trend follows increased capital importation reported by the National Bureau of Statistics, which recorded $11.1 billion in capital inflows during the second and third quarters of 2025, alongside an additional $6.44 billion in the fourth quarter. Analysts believe that the stronger performance of autonomous FX sources could improve investor confidence, enhance liquidity in the foreign exchange market, and support the country’s ongoing economic reforms if the momentum is sustained.
source: nairametrics
