The Central Bank of Nigeria (CBN) has reported that the country's total foreign exchange inflows reached $109.9 billion in 2025, marking a significant increase driven primarily by autonomous sources. According to the CBN's latest Economic Report, autonomous inflows, which include proceeds from non-oil exports, foreign direct investment, and remittances, contributed the bulk of the total, accounting for approximately $94.5 billion or 86% of the inflows.
Breakdown of Foreign Exchange Inflows
The report reveals that autonomous sources grew by 15% compared to the previous year, underscoring the resilience of Nigeria's external sector despite global economic headwinds. The CBN attributed this growth to improved investor confidence and policy reforms aimed at diversifying the economy away from oil dependence.
In contrast, inflows through the CBN itself, comprising official oil and non-oil receipts, totaled $15.4 billion, representing 14% of the aggregate. The bank's Governor, Mr. Olayemi Cardoso, stated, "The data underscores the success of our policies in attracting non-oil inflows. Autonomous sources are now the backbone of our FX liquidity, reducing vulnerability to oil price shocks."
Impact on External Reserves
The surge in FX inflows has bolstered Nigeria's external reserves, which stood at $38.2 billion as of December 2025, up from $33.1 billion at the end of 2024. This increase provides a cushion against external shocks and supports the stability of the naira. The CBN noted that the reserves are sufficient to cover over eight months of import obligations, exceeding the international benchmark of three months.
Autonomous Sources: Key Drivers
The largest contributors to autonomous inflows were remittances from Nigerians abroad, which rose to $25.3 billion, followed by foreign portfolio investments at $18.7 billion and non-oil exports such as agricultural products and solid minerals. The CBN highlighted that the introduction of the Investors' & Exporters' (I&E) window and the liberalization of the forex market have played a crucial role in attracting these flows.
"The I&E window has been a game-changer," said Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise. "It has brought transparency and efficiency, making Nigeria more attractive to foreign investors."
Oil Sector Inflows
While autonomous sources dominated, oil sector inflows remained significant at $52.3 billion, reflecting production increases and relatively stable crude prices. However, the report cautioned that dependence on oil remains a risk, as volatility in global energy markets could impact future inflows.
Outlook and Policy Recommendations
The CBN projects that FX inflows will continue to grow in 2026, with a target of $120 billion, supported by ongoing reforms in the fiscal and monetary spheres. Key initiatives include the implementation of the National Commodity Exchange and the expansion of export incentive schemes. The bank also plans to further streamline the FX market to reduce speculative activities and enhance liquidity.
In conclusion, the $109.9 billion inflow figure underscores Nigeria's improving external position, driven by autonomous sources. However, sustained efforts are needed to maintain this trajectory and build a more resilient economy.
