Autonomous sources accounted for the largest share of Nigeria’s foreign exchange inflows in 2025, as aggregate inflows into the economy rose 13.81 percent to $109.86 billion, according to the Central Bank of Nigeria’s 2025 Annual Report and Accounts.

The CBN report showed that foreign exchange inflows from autonomous sources rose 25.12 percent to $70.54 billion in 2025 from $56.38 billion in 2024, accounting for 64.21 percent of total FX inflows during the year.

The increase was driven primarily by higher non-oil export receipts and over-the-counter purchases, particularly capital importation, the CBN said.

In contrast, FX inflows through the CBN declined by 2.08 percent to $39.32 billion, accounting for 35.8 percent of total inflows. The decline was attributed mainly to lower receipts from government debt and FX swaps.

The shift towards autonomous sources came as the CBN continued to implement reforms aimed at improving efficiency, transparency, liquidity and price discovery in the foreign exchange market.

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The Bank sustained the “Willing Buyer-Willing Seller” principle in the conduct of FX transactions and required authorised dealers to quote and display exchange rates at their currency exchange kiosks.

The Nigeria Foreign Exchange Code was also launched in January 2025 to strengthen governance and accountability in the FX market. The Code is based on six core principles covering ethics, governance, execution, information sharing, risk management, and confirmation and settlement.

According to the CBN, the principles are intended to promote fair pricing, integrity and proper oversight across FX transactions.

The increase in autonomous inflows also coincided with measures targeted at Nigerians living abroad and non-residents with financial interests in the country.

The CBN launched the Non-resident Bank Verification Number in May 2025, allowing Nigerians living abroad and other non-resident individuals with financial interests in Nigeria to obtain a BVN without being physically present in the country.

The Bank also introduced the Non-Resident Nigeria Ordinary Account and Non-Resident Nigerian Investment Account to facilitate remittances, foreign and local currency transactions and investment in Nigerian assets by non-residents.

The NRNOA allows non-resident Nigerians to remit foreign earnings to Nigeria and manage funds in both foreign and local currencies, while the NRNIA enables them to invest in Nigerian assets in either foreign or local currency.

The CBN also took measures to improve access to the foreign exchange market for bureaux de change operators. Existing BDCs were permitted to purchase up to $25,000 weekly from authorised dealers, with the temporary access to the Nigerian Foreign Exchange Market extended to May 30, 2025.

The reforms came as the overall balance of FX flows improved during the year. Aggregate FX outflows increased by 27.83 percent to $49.05 billion from $38.37 billion in 2024, mainly due to higher outflows through autonomous sources.

Outflows through the CBN rose 1.74 percent to $32.79 billion from $32.23 billion, while outflows through autonomous channels increased sharply by 164.84 percent to $16.26 billion.

Despite the increase in outflows, Nigeria recorded a higher net FX inflow of $60.81 billion in 2025, compared with $58.16 billion in 2024.

Autonomous sources recorded a net inflow of $54.28 billion, up from $50.24 billion in 2024, while the CBN recorded a net inflow of $6.52 billion.

The stronger FX inflow position also coincided with an improvement in the naira’s year-end exchange rate. The naira strengthened to N1,435.76 per dollar at the end of 2025, compared with N1,535.82 per dollar at the end of 2024.

However, the annual average exchange rate was N1,518.38 per dollar in 2025, compared with N1,478.97 per dollar in 2024.

The CBN said the sustained reforms in the FX market continued to foster stability and price discovery, while measures implemented during the year were aimed at enhancing efficiency and transparency, boosting FX inflows and stabilising the naira.

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.