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Private Sector Foreign Exchange Outflows Rise by 165% to $16.3bn
Foreign exchange outflows through autonomous channels rose by more than 160 per cent in 2025, reflecting increased private-sector demand for foreign exchange despite stronger inflows into the economy, according to the Central Bank of Nigeria’s 2025 Annual Report and Statement of Accounts.
The report showed that autonomous foreign exchange outflows climbed 164.84 per cent to $16.26bn in 2025 from $6.14bn recorded a year earlier. The sharp increase contributed to a 27.83 per cent rise in Nigeria’s total FX outflows, which reached $49.05bn, up from $38.37bn in 2024.
By comparison, foreign exchange outflows through the CBN increased only marginally by 1.74 per cent to $32.79bn from $32.23bn in the previous year, accounting for about 66.9 per cent of total outflows.
Despite the increase in demand for foreign exchange, Nigeria posted a stronger external position as total FX inflows rose 13.81 per cent to a record $109.86bn in 2025 from $96.53bn in 2024.
The CBN attributed the rise in inflows largely to autonomous sources, which grew 25.12 per cent to $70.54bn, driven by higher non-oil export receipts, capital importation and over-the-counter foreign exchange purchases. Inflows through the apex bank, however, declined 2.08 per cent to $39.32bn due to lower receipts from government debt and foreign exchange swap transactions.
Overall, the economy recorded a net foreign exchange inflow of $60.81bn, higher than the $58.16bn posted in 2024. Autonomous sources generated a net inflow of $54.28bn, while the CBN recorded a net inflow of $6.52bn.
The figures point to an increasingly market-driven foreign exchange landscape, with both inflows and outflows being led by private-sector activity rather than official transactions.
