Nigeria's FX inflows hit $112 billion in 2025 as private-sector flows dominate over CBN supply

Total FX inflows into Nigeria reached $112.27 billion in 2025, up from $99.44 billion in 2024 and $65.76 billion in 2023, according to the Financial Market Dealers Association (FMDA) full-year 2025 report.

Autonomous sources remittances, portfolio investments, non-oil export proceeds, and financial services capital outside CBN control accounted for 64.94% of total inflows at $72.91 billion, up from 59.62% in 2024 and 36.44% in 2023, signalling a structural shift in who supplies dollars to Nigeria's economy.

CBN FX sales rebounded 126.37% to $8.94 billion after collapsing to $3.95 billion in 2024, while invisible-related FX utilisation surged to $27.27 billion from $11.10 billion, with financial services alone accounting for $21.22 billion, now eclipsing merchandise imports as the dominant driver of FX demand.

The near-doubling of autonomous FX inflows in two years signals that Nigeria's market-reform programme is materially changing who controls dollar liquidity, a direct shift in leverage away from the CBN and toward diaspora senders, foreign portfolio investors, and non-oil exporters.

For Nigerian businesses that import raw materials or rely on FX access, this is a structurally more stable supply environment than one dependent on CBN intervention. Still, the dominance of financial services in FX utilisation flagged by analysts in the article as a concern suggests that productive-sector businesses may still be competing with speculative or debt-service flows for available dollars in 2026.

Manufacturers, agro-exporters, and tech companies seeking FX for operations should watch whether the CBN channels autonomous inflows more directly into the real economy over the next 12 months.