Nigeria recorded about $112 billion in foreign exchange (FX) inflows over the past 12 months, according to a report by the Financial Markets Dealers Association, showing a major shift in the structure of dollar inflows into the economy.
The report revealed that autonomous inflows, FX sourced from private capital flows outside the direct control of the Central Bank of Nigeria, accounted for 64.94 per cent of total inflows, cementing their dominance in Nigeria’s FX market.
Autonomous inflows rose to $72.91 billion in 2025, compared to $59.29 billion in 2024 and $41.80 billion in 2023, reflecting a near doubling in just two years. The growth was driven largely by diaspora remittances, foreign portfolio investments, and non-oil export earnings.
The CBN also increased its market intervention, with FX sales rising by 126.37% to $8.94 billion from $3.95 billion in the previous year, though its role remains significantly smaller compared to private inflows.
On the demand side, total FX utilisation stood at $47.17 billion in 2025, with a clear shift toward services-related transactions.
Invisible-related FX demand surged to $27.27 billion from $11.10 billion in 2024, with financial services alone accounting for $21.22 billion. Import-related demand rose more moderately to $19.90 billion.
Industrial demand increased to $8.43 billion, while oil-sector FX demand nearly doubled to $4.98 billion. Business services also jumped sharply to $3.48 billion, while educational services demand fell to $55.16 million.
The data suggests a structural transformation in Nigeria’s FX economy, where services, financial flows, and cross-border payments are now overtaking merchandise imports as the dominant source of FX demand.
Market analysts attributed the rising inflows to ongoing macroeconomic reforms, improved exchange rate flexibility, and restored investor confidence following the clearance of FX backlogs.
Olayemi Cardoso said the decision to clear over $7 billion in verified FX obligations helped rebuild trust in the financial system.
He stressed that credibility remains central to central banking, noting that honouring obligations was key to attracting sustained foreign inflows.
Overall, the report highlights a changing FX landscape in Nigeria, with private capital increasingly driving liquidity while reforms continue to strengthen market confidence.
