The Tinubu Stakeholders Forum (TSF) has described the rise in Nigeria’s autonomous foreign exchange (FX) inflows to $70.54 billion in 2025 as a major indication that the country is gradually reducing its dependence on crude oil earnings, government borrowing and temporary Central Bank interventions.
In a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, the Forum said autonomous FX inflows increased by 25.12 per cent from $56.38 billion in 2024, accounting for 64.21 per cent of the total $109.86 billion inflow recorded in 2025.
TSF attributed the growth largely to non oil export receipts, capital importation and over the counter market transactions, saying the figures reflected the increasing contribution of exporters, investors and private businesses to the country’s foreign exchange supply.
The Forum said the development validated the FX reforms introduced by the administration of President Bola Ahmed Tinubu and implemented by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso.
It identified key measures as the consolidation of the FX market, adoption of the willing buyer, willing seller framework, clearance of the verified $7 billion FX backlog, introduction of the Electronic Foreign Exchange Matching System and launch of the Nigerian FX Code to promote transparency, ethical conduct and confidence in the market.
TSF also cited tighter supervision of Bureau de Change operations and stronger enforcement of the repatriation of oil and non oil export proceeds as measures that have improved liquidity, reduced market distortions and encouraged exporters and investors to channel FX through the formal market.
The Forum said total FX inflows rose by 13.81 per cent to $109.86 billion in 2025, while CBN related inflows declined by 2.08 per cent to $39.32 billion, largely due to lower receipts from government debt and FX swaps.
It said the shift was significant because it indicated that Nigeria’s FX position was increasingly being supported by exports, investment and private sector activity rather than external borrowing and temporary financial interventions.
“The increase in autonomous inflows is a strong indication that Nigeria is beginning to earn more foreign exchange from non oil exports, investment and private enterprise.
“This is the more sustainable pathway to economic stability because it broadens Nigeria’s sources of foreign exchange and reduces excessive dependence on volatile crude oil earnings, government borrowing and repeated Central Bank interventions,” the group said.
According to TSF, stronger autonomous inflows could improve FX liquidity for manufacturers and importers, facilitate access to foreign exchange for machinery and raw materials, encourage non oil exports and ease pressure on the naira.
It added that sustained growth in export earnings and capital inflows would strengthen external reserves, improve investor confidence and support broader macroeconomic stability.
The Forum acknowledged that aggregate FX outflows also increased to $49.05 billion in 2025, partly reflecting higher transactions through autonomous channels and increased foreign currency obligations by businesses and investors.
It, however, urged the government to focus on expanding non-oil exports and domestic production so that foreign exchange inflows can consistently exceed outflows.
TSF called for stronger incentives for exporters, removal of trade and logistics bottlenecks, increased local value addition and full repatriation of export proceeds through the formal FX market.
The Forum maintained that the growing contribution of autonomous sources showed that Nigeria was moving towards a more transparent and market driven FX system capable of attracting investment, supporting exports and strengthening the country’s external position.
