The Central Bank of Nigeria (CBN) has reported that autonomous sources dominated foreign exchange inflows into the economy in July, accounting for $7.33 billion of the total $10.82 billion inflows recorded during the month. This represents nearly 68 per cent of the total inflows. According to CBN Deputy Governor, Economic Policy, Dr. Muhammad Sani Abdullahi, the breakdown showed that remittances through International Money Transfer Operators (IMTOs) reached $950 million that month.
Dr. Abdullahi disclosed this information at the ongoing 38th FICAN conference held in Abuja, where he spoke on the theme: “Towards a Robust and Resilient Financial System in the Post-Banking Sector Recapitalisation”. He explained that portfolio flows can reverse, but the broader improvement in supply has reduced the market’s reliance on direct CBN provision. The CBN Deputy Governor also highlighted that Nigeria’s aspiration to build a $1 trillion economy by 2030 requires banks that are capable of mobilizing and allocating capital on a much larger scale.
The CBN has reported that net foreign portfolio inflows totalled $6.31 billion in January to August 2026. Dr. Abdullahi stated that the external buffers are stronger, with gross reserves standing at $55.60 billion on September 11, 2026, while the end-August stock provided 11.3 months of import cover. He emphasized that stronger capital buffers should enable banks to finance local infrastructure, support industrial expansion, facilitate international trade, and compete more effectively in regional and global markets.
Dr. Abdullahi stressed that stronger banks also provide greater capacity to absorb losses during economic stress and sustain investment in innovation and digital transformation. He noted that the environment in which these banks operate is increasingly interconnected, with geopolitical uncertainty, climate-related risks, cyber threats, and rapid technological change transmitting shocks across borders through financial trade and technology.
The CBN Deputy Governor emphasized that resilience requires institutions to anticipate emerging risks, absorb shocks, adapt, and recover. He highlighted that the lessons of past financial crises underline the value of aggregate capital, but also the need to prepare for risks that may take unfamiliar forms. Dr. Abdullahi directed that risk management be extended beyond credit risk to market, utility, and operational risks, as well as cybersecurity, third-party dependencies, and private-related financial risks.
Dr. Abdullahi stated that the CBN will continue to pay close attention to governance, asset quality, liquidity, and large exposures. He expected banks to protect customer data, maintain reliable payment services, and recover quickly from disruptions. The CBN Deputy Governor emphasized that a stronger balance sheet must be matched by stronger management of risk, and that banks must invest continuously in cybersecurity, data protection, disaster recovery, and business continuity.
The CBN’s report on foreign exchange inflows comes as the bank continues to implement measures to stabilize the foreign exchange market and improve the economy. The bank’s efforts aim to build a robust and resilient financial system that can support Nigeria’s economic growth and development. With a stronger financial system, banks can play a more significant role in financing economic activities and supporting the country’s aspiration to become a $1 trillion economy by 2030.
Key points
- Autonomous sources accounted for $7.33 billion of the total $10.82 billion inflows recorded in July.
- The CBN reports that gross reserves stood at $55.60 billion on September 11, 2026.
- Nigeria aims to build a $1 trillion economy by 2030, requiring banks with stronger capital buffers.
