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The Tinubu Stakeholders Forum (TSF) has said Nigeria is gradually moving towards a more diversified and market-driven foreign exchange system, following a 25.12 per cent increase in autonomous FX inflows to $70.54 billion in 2025.
The Forum said the figure, which rose from $56.38 billion recorded in 2024, accounted for 64.21 per cent of the country’s total foreign exchange inflows of $109.86 billion during the year.
In a statement jointly signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, TSF attributed the growth to increased contributions from non-oil exports, capital importation and over-the-counter market transactions.
It said the development indicated that exporters, investors and private-sector businesses were playing a larger role in supplying the country’s foreign exchange, thereby reducing reliance on crude oil revenues, government borrowing and Central Bank interventions.
The Forum said the trend was consistent with the foreign exchange reforms introduced by the administration of President Bola Ahmed Tinubu and implemented by the Central Bank of Nigeria under Governor Olayemi Cardoso.
Among the reforms highlighted by TSF were the consolidation of the FX market, adoption of the willing-buyer, willing-seller model, clearance of the verified $7 billion FX backlog, introduction of the Electronic Foreign Exchange Matching System and implementation of the Nigerian FX Code.
According to the Forum, the reforms have strengthened transparency and confidence in the market while improving liquidity and reducing distortions.
TSF also cited tighter supervision of Bureau de Change operators and increased enforcement of the repatriation of oil and non-oil export proceeds as factors contributing to improved foreign exchange liquidity.
The group said total FX inflows grew by 13.81 per cent to $109.86 billion in 2025, while Central Bank-related inflows declined by 2.08 per cent to $39.32 billion, largely due to lower receipts from government debt and FX swaps.
TSF described the increasing share of autonomous inflows as significant, saying it demonstrated a shift towards foreign exchange earnings generated through exports, investment and private-sector activities.
“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,” the Forum said.
It added that a broader foreign exchange base would provide a more sustainable foundation for economic stability by reducing the country’s exposure to fluctuations in crude oil earnings and dependence on government borrowing and repeated Central Bank interventions.
The Forum further said stronger autonomous inflows could improve access to foreign exchange for manufacturers and importers, facilitate the purchase of machinery and raw materials, support non-oil exporters and ease pressure on the naira.
It, however, noted that FX outflows also increased to $49.05 billion in 2025, partly due to higher transactions through autonomous channels and increased foreign currency obligations by businesses and investors.
TSF therefore called for further measures to expand non-oil exports and domestic production, stressing that sustained growth in inflows must continue to outpace foreign exchange outflows.
The Forum urged the Federal Government to strengthen incentives for exporters, tackle trade and logistics bottlenecks, promote local value addition and ensure full repatriation of export proceeds through the formal financial system.
It maintained that the growing contribution of autonomous foreign exchange sources was evidence of a gradual transition towards a more transparent and credible FX market capable of attracting investment, promoting exports and strengthening Nigeria’s external position.