Non-oil exports drive autonomous FX inflows to $71bn

Nigeria's foreign exchange (FX) supply is increasingly bolstered by non-oil exports, with autonomous inflows reaching $70.54 billion in 2025. This figure represents a significant 25.12% increase from $56.38 billion in 2024, according to the Central Bank of Nigeria's (CBN) 2025 Annual Report and Accounts. These autonomous sources now account for 64.21% of Nigeria's total FX receipts, which amounted to $109.86 billion for the year.

The surge in autonomous inflows is attributed mainly to stronger proceeds from non-oil exports and increased over-the-counter FX purchases, particularly in capital importation. This performance underscores the growing role of non-oil sectors in Nigeria's external earnings and reflects the impact of CBN's reforms aimed at enhancing transparency and participation in the FX market.

In contrast, inflows managed by the CBN saw a slight decrease of 2.08%, totaling $39.32 billion, which constituted 35.8% of the total FX inflows. This decline was primarily due to lower receipts from government debt and FX swap transactions.

The CBN's ongoing reforms, including the willing buyer-willing seller framework and the Nigeria Foreign Exchange Code, appear to be encouraging greater engagement with autonomous FX channels. Overall, Nigeria recorded net foreign exchange inflows of $60.81 billion in 2025, an increase from $58.16 billion in the prior year, with autonomous sources contributing a substantial $54.28 billion to this net inflow.