CBN report shows autonomous foreign exchange earnings surged in 2025, highlighting the growing influence of non-oil exports and market-driven inflows….
Nigeria’s foreign exchange market witnessed a notable shift in 2025 as stronger earnings from non-oil exports and increased private capital inflows boosted autonomous foreign exchange receipts to $70.54 billion, according to the latest Annual Report and Accounts released by the Central Bank of Nigeria (CBN).
The figure represents a 25.12 per cent increase from the $56.38 billion recorded in 2024, underscoring the expanding contribution of non-oil sectors to the country’s external earnings. Autonomous inflows also accounted for 64.21 per cent of Nigeria’s total foreign exchange receipts of $109.86 billion during the year, reinforcing the growing dominance of market-driven sources over official inflows.
The apex bank attributed the increase primarily to improved proceeds from non-oil exports alongside stronger over-the-counter foreign exchange purchases, particularly through capital importation.
The report noted that autonomous sources remained the backbone of Nigeria’s foreign exchange supply, reflecting the impact of ongoing reforms designed to deepen participation in the FX market outside official channels.
In contrast, foreign exchange inflows received directly through the CBN declined by 2.08 per cent to $39.32 billion in 2025, representing 35.8 per cent of total FX receipts. According to the report, the decline was largely driven by reduced earnings from government debt transactions and foreign exchange swap arrangements.
The latest figures come as the CBN continues implementing reforms aimed at improving transparency, liquidity and efficiency in the foreign exchange market. Among the key initiatives are the willing buyer-willing seller framework and the introduction of the Nigeria Foreign Exchange Code, both of which are intended to strengthen price discovery and encourage greater investor participation.
Overall, Nigeria recorded net foreign exchange inflows of $60.81 billion in 2025, an improvement from $58.16 billion in the previous year. Autonomous sources contributed $54.28 billion of that total, highlighting their increasingly central role in supporting the country’s external sector.
The latest data points to a gradual diversification of Nigeria’s foreign exchange earnings beyond crude oil, with non-oil exports and private capital flows emerging as increasingly important pillars of the country’s external finances.
