Foreign exchange outflows through autonomous channels surged by 164.84 per cent in 2025, reaching $16.26bn as private-sector demand for foreign currency continued to strengthen, according to the Central Bank of Nigeria’s 2025 Annual Report and Statement of Accounts.
The latest figures show a significant shift in Nigeria’s foreign exchange market, with private-sector transactions accounting for a growing share of both inflows and outflows during the year.
According to the report, autonomous FX outflows rose sharply from $6.14bn in 2024 to $16.26bn in 2025.
sThe increase contributed substantially to the 27.83 per cent growth in Nigeria’s total foreign exchange outflows, which climbed to $49.05bn from $38.37bn recorded in the previous year.
In contrast, foreign exchange outflows handled through the Central Bank increased only slightly.
CBN-related outflows rose by 1.74 per cent, from $32.23bn in 2024 to $32.79bn in 2025. This represented approximately 66.9 per cent of total FX outflows during the period.
Despite the sharp rise in foreign exchange demand, Nigeria’s overall external position strengthened in 2025 as total FX inflows increased by 13.81 per cent to a record $109.86bn, compared with $96.53bn in 2024.
The CBN said the growth was largely driven by stronger inflows through autonomous sources.
These inflows increased by 25.12 per cent to $70.54bn, supported by higher non-oil export proceeds, increased capital importation and over-the-counter foreign exchange purchases.
However, inflows through the apex bank declined during the year. CBN-related FX inflows fell by 2.08 per cent to $39.32bn, compared with $40.15bn in 2024. The decline was attributed mainly to lower receipts from government debt and foreign exchange swap transactions.
With inflows significantly exceeding outflows, Nigeria recorded a net foreign exchange inflow of $60.81bn in 2025, representing an improvement from the $58.16bn recorded in 2024.
Autonomous transactions accounted for the largest portion of the net inflow, generating $54.28bn, while transactions through the CBN produced a net inflow of $6.52bn.
The data suggest that Nigeria’s foreign exchange market is becoming increasingly driven by private-sector activity.
The substantial rise in autonomous inflows and outflows indicates that businesses and other private market participants are playing a larger role in determining the movement of foreign currency within the economy.
The development also highlights the growing demand for foreign exchange outside official CBN channels, even as the country continues to record stronger overall FX inflows and an improved external balance.
