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Nigeria recorded a significant increase in foreign exchange inflows in 2025, with total inflows climbing to $109.86 billion, according to the Central Bank of Nigeria (CBN).
The figure represents a 13.81 percent increase from the $96.53 billion recorded in 2024, with inflows from autonomous sources emerging as the dominant contributor to the country’s foreign exchange supply during the year. The figures were contained in the CBN’s 2025 Annual Report and Statement of Accounts.
Autonomous Sources Account for Nearly Two-Thirds of Inflows
The CBN said autonomous sources accounted for 64.21 percent of total FX inflows in 2025, as inflows through these channels increased substantially during the year.
Inflows from autonomous sources rose by 25.12 percent, reaching $70.54 billion, compared with $56.38 billion in 2024.
The apex bank attributed the growth largely to stronger non-oil export receipts and increased over-the-counter purchases, particularly those linked to capital importation.
By comparison, FX inflows through the CBN declined by 2.08 percent to $39.32 billion, accounting for 35.8 percent of total inflows.
The decline in CBN-channelled inflows was mainly linked to lower receipts from government debt and foreign exchange swap transactions, the central bank said.
Net FX Inflow Reaches $60.81bn
Despite a rise in foreign exchange outflows, Nigeria’s overall net FX position improved during the period.
Aggregate FX outflows rose by 27.83 percent, from $38.37 billion in 2024 to $49.05 billion in 2025. Even with the increase in outflows, net FX inflows expanded to $60.81 billion, compared with $58.16 billion a year earlier.
Autonomous sources generated a net inflow of $54.28 billion, up from $50.24 billion in 2024, while the CBN recorded a net inflow of $6.52 billion.
The CBN said the stronger overall net position reflected the growing contribution of autonomous sources to liquidity in the foreign exchange market.
Autonomous FX Outflows Surge 164.8%
While autonomous channels supplied most of the year’s inflows, they also recorded the sharpest increase in outflows.
FX outflows through autonomous sources jumped 164.84 percent to $16.26 billion, compared with $6.14 billion in 2024.
Outflows through the CBN, meanwhile, increased marginally by 1.74 percent, from $32.23 billion to $32.79 billion.
The figures point to increased activity outside the CBN’s direct channels as businesses and investors made greater use of autonomous sources for foreign exchange transactions.
FX Utilisation Rises Sharply
The CBN also reported a substantial increase in the utilisation of foreign exchange across economic sectors.
Total FX utilisation rose by 59.36 percent, from $26.88 billion in 2024 to $42.83 billion in 2025, with higher invisible imports contributing significantly to the increase.
Visible imports accounted for $18.76 billion, representing 43.80 percent of total FX utilisation, compared with $15.62 billion in the previous year.
The industrial sector accounted for the largest portion of FX used for visible imports, taking 42.11 percent of the total.
It was followed by the oil sector at 25.91 percent, manufactured products at 15.64 percent, and food products at 10.51 percent. Transport, minerals and agriculture accounted for 3.78 percent, 1.04 percent and 1 percent, respectively.
Capital Inflows Remain Important
The latest CBN figures come against the backdrop of increased capital inflows into Nigeria during 2025.
Data from the National Bureau of Statistics (NBS) showed that the country attracted $11.1 billion in capital importation during the second and third quarters of 2025, while another $6.44 billion was recorded in the fourth quarter.
The trend reinforces the growing role of investment-related transactions and other autonomous sources in supplying foreign exchange to the Nigerian economy.
What the Figures Mean for Nigeria’s FX Market
The CBN’s latest data highlights a changing composition of Nigeria’s foreign exchange market, with autonomous channels now responsible for almost two-thirds of total inflows.
The stronger contribution from these sources could provide additional depth to FX liquidity, particularly as Nigeria continues to attract capital and expand non-oil exports.
However, the sharp increase in FX utilisation and autonomous outflows also demonstrates the growing demand for foreign exchange across the economy. Sustaining inflows while improving the country’s productive capacity and export earnings is likely to remain important for maintaining stability in the FX market.
