Nigeria’s foreign exchange market recorded a stronger contribution from non-oil sectors in 2025, as autonomous foreign exchange inflows rose to $70.54bn, reflecting increased earnings from non-oil exports and improved participation in the private-sector driven FX market.
The latest Central Bank of Nigeria’s 2025 Annual Report and Accounts revealed that autonomous foreign exchange inflows grew by 25.12 per cent from $56.38bn recorded in 2024. The figure represented 64.21 per cent of Nigeria’s total foreign exchange receipts of $109.86bn during the year.
The apex bank attributed the rise largely to improved non-oil export proceeds and increased over-the-counter foreign exchange purchases, especially inflows linked to capital importation.
The report noted that the sustained growth in autonomous sources highlights the expanding role of private-sector channels in Nigeria’s foreign exchange supply, as ongoing reforms continue to encourage more transparent market participation.
“Higher earnings from non-oil exports and increased over-the-counter foreign exchange purchases, particularly capital importation, supported the growth in autonomous foreign exchange inflows,” the CBN stated in the report.
While autonomous inflows recorded significant growth, foreign exchange receipts through the CBN declined slightly during the period. The apex bank recorded $39.32bn in inflows, representing 35.8 per cent of total FX receipts and a 2.08 per cent decrease from the previous year.
The decline in official inflows was linked mainly to reduced receipts from government debt-related transactions and foreign exchange swap arrangements.
The shift in the composition of foreign exchange inflows comes as Nigeria continues to implement measures aimed at strengthening the efficiency and credibility of the FX market. The CBN has introduced several reforms, including the willing buyer-willing seller framework and the Nigeria Foreign Exchange Code, to improve transparency, liquidity and price discovery.
The increasing contribution of non-oil exports reflects efforts to diversify Nigeria’s external earnings away from heavy dependence on crude oil revenues. Analysts have continued to identify agriculture, manufacturing, solid minerals and other non-oil sectors as key areas with potential to expand the country’s foreign exchange base.
Overall, Nigeria recorded total net foreign exchange inflows of $60.81bn in 2025, compared with $58.16bn in 2024. Autonomous sources accounted for the bulk of the net inflows, contributing $54.28bn during the year.
The latest figures suggest that private-sector driven foreign exchange sources are becoming increasingly important to Nigeria’s external sector performance, even as the country continues efforts to stabilise the FX market and attract more foreign investment.