Higher non-oil export earnings and capital inflows helped autonomous sources account for 64.21 per cent of Nigeria’s total foreign exchange receipts

Nigeria recorded a $70.54bn FX inflows boost from autonomous sources in 2025, as stronger non-oil export earnings and increased foreign exchange purchases helped deepen the contribution of non-oil sectors to the country’s external receipts, according to the Central Bank of Nigeria.

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The CBN’s 2025 Annual Report and Accounts showed that autonomous foreign exchange inflows rose by 25.12 per cent from $56.38bn in 2024, accounting for 64.21 per cent of Nigeria’s total foreign exchange receipts of $109.86bn during the year.

The increase marked a significant shift in the composition of Nigeria’s foreign exchange supply, with autonomous sources continuing to provide the larger share of inflows amid ongoing reforms aimed at improving transparency, liquidity and price discovery in the FX market.

The apex bank attributed the stronger performance mainly to higher proceeds from non-oil exports and increased over-the-counter foreign exchange purchases, particularly those linked to capital importation.

The development offers a notable indication of the expanding role of non-oil activities in Nigeria’s external earnings, as the country continues efforts to reduce its vulnerability to fluctuations in the oil market.

By comparison, foreign exchange inflows through the CBN declined by 2.08 per cent to $39.32bn in 2025. The figure represented about 35.8 per cent of total FX receipts during the year.

The decline in CBN-sourced inflows was largely linked to lower receipts from government debt transactions and foreign exchange swaps, according to the report.

The figures come against the backdrop of a series of reforms introduced to reshape Nigeria’s foreign exchange market and encourage more efficient allocation of scarce foreign currency.

The CBN has pursued measures aimed at strengthening market transparency and improving price discovery, including the implementation of the willing buyer-willing seller framework and the introduction of the Nigeria Foreign Exchange Code.

The reforms have also sought to encourage greater participation in the formal foreign exchange market, while reducing distortions and improving confidence among businesses and investors.

Overall, Nigeria recorded net foreign exchange inflows of $60.81bn in 2025, up from $58.16bn in the preceding year.

Autonomous sources contributed a net inflow of $54.28bn, further underscoring their growing importance to the country’s external financial position.

The stronger performance also highlights the potential of non-oil exports and investment-related inflows to support Nigeria’s foreign exchange earnings as the economy seeks to broaden its revenue base.

For policymakers, the figures provide an encouraging signal that sectors outside crude oil are playing a more prominent role in supplying foreign exchange.

Sustaining that momentum, however, will depend on continued improvements in export competitiveness, investment conditions and the overall business environment.

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The latest data therefore presents a cautiously positive picture of Nigeria’s external sector, with autonomous foreign exchange sources emerging as a powerful contributor to the country’s FX supply and non-oil activities gaining greater prominence in the national economic landscape.