Shipments beyond petroleum fuel self-sustaining foreign exchange revenues to $71 billion

Nigeria's foreign exchange inflows from autonomous sources surged to $70.54bn in 2025, driven by higher earnings from non-oil exports, underscoring the expanding contribution of non-oil sectors to the country's external earnings, as disclosed by the Central Bank of Nigeria.

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The 2025 Annual Report and Accounts of the CBN revealed a 25.12 per cent increase in autonomous foreign exchange inflows from $56.38bn in 2024, highlighting the notable growth in this sector.

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These inflows constituted 64.21 per cent of Nigeria's total foreign exchange receipts, which stood at $109.86bn in 2025, demonstrating the significant role of autonomous sources in the country's foreign exchange market.

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The CBN attributed the increase primarily to robust non-oil export proceeds and a rise in over-the-counter foreign exchange purchases, particularly capital importation, which boosted the autonomous foreign exchange inflows.

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The report also indicated that autonomous sources maintained their dominance in Nigeria's FX supply, as reforms in the foreign exchange market encouraged greater participation outside official channels, leading to increased activity in this sector.

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In contrast, foreign exchange inflows through the CBN declined by 2.08 per cent to $39.32bn in 2025, accounting for 35.8 per cent of total FX inflows, with the decline mainly attributed to lower receipts from government debt and foreign exchange swap transactions.

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The CBN's efforts to enhance transparency, liquidity, and price discovery in the foreign exchange market, including the implementation of the willing buyer-willing seller framework and the introduction of the Nigeria Foreign Exchange Code, contributed to the stronger performance of non-oil exports.

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Nigeria recorded net foreign exchange inflows of $60.81bn in 2025, representing an increase from $58.16bn in the previous year, with autonomous sources contributing a net inflow of $54.28bn to this total.