By Bassey Asuquo
The Tinubu Stakeholders Forum (TSF) has described the rise in autonomous foreign exchange inflows to $70.54 billion in 2025 as evidence that Nigeria is gradually reducing its dependence on crude oil earnings, government borrowing and temporary Central Bank interventions to meet its foreign exchange needs.
The Forum noted in a statement by its Chairman Ahmad Sajoh and Secretary Danjuma Sada that autonomous FX inflows rose by 25.12 per cent from $56.38 billion in 2024 and accounted for 64.21 per cent of the total $109.86 billion inflow recorded in 2025.
TSF said the increase, driven largely by non-oil export receipts, capital importation and over-the-counter market transactions, reflected the growing contribution of exporters, investors and private businesses to Nigeria’s foreign exchange supply.
According to the Forum, the figures validate the foreign exchange reforms pursued by the administration of President Bola Ahmed Tinubu and implemented by the Central Bank of Nigeria under Governor Olayemi Cardoso.
It listed the reforms to include the consolidation of the FX market, adoption of a 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 strengthen transparency, ethical conduct and confidence in the market.
TSF added that tighter supervision of Bureau de Change operations and stronger enforcement of the repatriation of oil and non-oil export proceeds had also helped improve liquidity, reduce market distortions and encourage exporters and investors to channel foreign exchange through the formal market.
The Forum noted that aggregate FX inflows increased by 13.81 per cent to 109.86 billion in 2025, while net inflows rose from 60.81 billion.
It also observed that inflows through the Central Bank declined by 2.08 per cent to $`39.32 billion, mainly because of lower receipts from government debt and FX swaps.
TSF said the development was particularly significant because it showed that Nigeria’s foreign exchange position was increasingly being supported by exports, investment and productive private-sector activity rather than external borrowing and temporary financial arrangements.
“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 groups noted.
The Forum stated that stronger autonomous inflows would improve FX liquidity for manufacturers and importers, enhance access to foreign exchange for machinery and raw materials, encourage non-oil exporters and help reduce pressure on the naira.
It added that sustained growth in export earnings and capital inflows would strengthen Nigeria’s external reserves, boost investor confidence and reinforce macroeconomic stability.
TSF 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.
The Forum, however, stressed the need to further expand non-oil exports and domestic production to ensure that foreign exchange inflows continue to outpace outflows.
It urged the Federal Government to deepen incentives for exporters, remove trade and logistics bottlenecks, strengthen local value addition and encourage the full repatriation of export proceeds through the formal market.
TSF maintained that the growing contribution of autonomous sources demonstrated that the Tinubu administration was gradually replacing a fragmented and intervention-dependent FX system with a more transparent, credible and market-driven framework capable of attracting investment, supporting exports and strengthening Nigeria’s external position.