Nigeria’s oil and gas sector, supported by rising non-oil foreign exchange earnings from autonomous sources, helped drive the country’s total foreign exchange inflows to $109.86 billion in 2025, representing a 13.81 per cent increase from the previous year, according to the Central Bank of Nigeria (CBN).
The apex bank, in its 2025 Annual Report and Statement of Accounts, said the improved performance was driven largely by stronger autonomous inflows, including non-oil export proceeds, capital importation and over-the-counter foreign exchange purchases, while the oil and gas industry remained a major contributor to the country’s external earnings. Despite increased foreign exchange demand, Nigeria recorded a net FX inflow of $60.81 billion during the year, underscoring improved external liquidity.
The report revealed that total foreign exchange inflows increased from $96.53 billion in 2024 to $109.86 billion in 2025, while aggregate outflows rose by 27.83 per cent to $49.05 billion, resulting in a higher net inflow than the $58.16 billion recorded in the preceding year.
According to the CBN, autonomous sources remained the dominant driver of foreign exchange earnings, accounting for 64.21 per cent of total inflows during the year.
Foreign exchange receipts through autonomous channels rose by 25.12 per cent to $70.54 billion, compared with $56.38 billion in 2024, buoyed by stronger non-oil export proceeds, higher capital importation and increased over-the-counter foreign exchange purchases.
Meanwhile, inflows through the Central Bank declined marginally by 2.08 per cent to $39.32 billion, representing 35.8 per cent of total inflows, largely due to lower receipts from government debt transactions and foreign exchange swap activities.
The report showed that autonomous sources generated 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 apex bank noted that the increasing contribution of autonomous sources reflects the growing role of private sector activities in supporting Nigeria’s foreign exchange market and strengthening external liquidity.
On the utilisation side, the report indicated that foreign exchange demand rose sharply during the year.
Outflows through the CBN increased slightly by 1.74 per cent to $32.79 billion, while autonomous outflows surged by 164.84 per cent to $16.26 billion.
Overall foreign exchange utilisation expanded by 59.36 per cent to $42.83 billion, compared with $26.88 billion recorded in 2024.
Visible imports accounted for the largest share of foreign exchange utilisation at $18.76 billion, representing 43.8 per cent of total utilisation.
The industrial sector remained the largest consumer of foreign exchange allocated for visible imports, accounting for 42.11 per cent of total allocations. The oil sector followed with 25.91 per cent, while manufactured products accounted for 15.64 per cent. Food imports represented 10.51 per cent, with the transport, mineral and agricultural sectors accounting for 3.78 per cent, 1.04 per cent and one per cent, respectively.
The CBN said the 2025 performance highlights the resilience of Nigeria’s external sector, with the oil and gas industry and growing autonomous foreign exchange sources continuing to underpin foreign exchange liquidity despite rising import demand and other external obligations.
