Nigeria recorded a significant increase in foreign exchange (FX) inflows in 2025, with total inflows rising to $109.86 billion, according to the Central Bank of Nigeria (CBN).
The figure represents a 13.81 per cent increase from the $96.53 billion recorded in 2024, highlighting stronger foreign exchange inflows into the economy.
The CBN disclosed this in its 2025 Annual Report and Statement of Accounts, accessed from its website.
The latest data points to a changing structure of Nigeria’s foreign exchange market, with autonomous sources increasingly becoming the dominant channel for FX inflows and contributing significantly to overall foreign exchange liquidity.
According to the apex bank, aggregate FX outflows also increased by 27.83 per cent during the year, rising from $38.37 billion in 2024 to $49.05 billion in 2025.
Despite the rise in outflows, Nigeria recorded a net FX inflow of $60.81 billion in 2025, up from $58.16 billion the previous year.
The CBN attributed the growth in overall inflows largely to autonomous sources, which accounted for 64.21 per cent of total FX inflows during the year.
Inflows through autonomous channels rose by 25.12 per cent to $70.54 billion from $56.38 billion in 2024, while inflows through the CBN declined by 2.08 per cent to $39.32 billion.
The apex bank said the decline in its own inflows was mainly due to lower receipts from government debt and foreign exchange swaps.
It added that the increase in autonomous FX inflows was driven largely by higher non-oil export receipts and over-the-counter purchases, particularly capital importation.
Autonomous sources recorded a net FX inflow of $54.28 billion in 2025, compared with $50.24 billion in 2024, while the CBN recorded a net inflow of $6.52 billion.
The development, according to the CBN, underscores the growing contribution of autonomous sources to Nigeria’s foreign exchange liquidity.
However, FX outflows through autonomous channels also surged during the year, increasing by 164.84 per cent to $16.26 billion from $6.14 billion in 2024. CBN outflows, meanwhile, rose marginally by 1.74 per cent to $32.79 billion.
The report further showed that total FX utilisation by economic sectors increased by 59.36 per cent to $42.83 billion in 2025, from $26.88 billion a year earlier, largely driven by higher invisible imports.
Visible imports accounted for $18.76 billion, representing 43.80 per cent of total FX utilisation.
The industrial sector received the largest share of FX used for visible imports, accounting for 42.11 per cent, followed by the oil sector with 25.91 per cent, manufactured products with 15.64 per cent and food products with 10.51 per cent.
Transport, mineral and agricultural sectors accounted for 3.78 per cent, 1.04 per cent and 1.00 per cent, respectively.
