Nigeria’s push to diversify its economy is beginning to pay off, as stronger non-oil exports helped drive autonomous foreign exchange inflows to an impressive $70.54 billion in 2025, according to the Central Bank of Nigeria (CBN). The figure represents a 25.12 percent increase from the $56.38 billion recorded in 2024, highlighting the growing importance of sectors beyond crude oil in supporting the country’s economy.
The CBN, in its 2025 Annual Report and Accounts, revealed that autonomous inflows accounted for 64.21 percent of Nigeria’s total foreign exchange receipts, which reached $109.86 billion during the year. The increase was largely attributed to stronger earnings from non-oil exports and higher over-the-counter foreign exchange transactions, particularly through increased capital importation, reflecting renewed confidence among investors and businesses.
The report also showed that autonomous sources continued to dominate Nigeria’s foreign exchange market as recent reforms encouraged more transactions outside official channels. Policies such as the willing buyer-willing seller framework and the introduction of the Nigeria Foreign Exchange Code have improved transparency, liquidity, and price discovery, creating a more market-driven foreign exchange system that is attracting greater participation.
While autonomous inflows surged, foreign exchange receipts through the CBN declined slightly by 2.08 percent to $39.32 billion, accounting for 35.8 percent of total inflows. According to the apex bank, the drop was mainly due to lower earnings from government debt inflows and reduced foreign exchange swap transactions. Despite this decline, the overall performance of Nigeria’s external sector remained positive, thanks to the resilience of non-oil revenue sources.
Overall, Nigeria recorded net foreign exchange inflows of $60.81 billion in 2025, an improvement from $58.16 billion in the previous year, with autonomous sources contributing $54.28 billion of the total. The latest figures underscore the growing impact of economic diversification efforts and suggest that non-oil exports are becoming a key pillar of Nigeria’s foreign exchange earnings, reducing dependence on oil while strengthening long-term economic stability.
source: punch
