Autonomous FX sources dominate $10.82b inflows in July, say CBN

• Says $950m inflows from IMTOs, foreign portfolios hit $6.31b

• Lists banks’ roles in achieving $1tr economy by 2030

By Monireoluwa Lucas

The Central Bank of Nigeria (CBN) today said sources of foreign exchange inflows into the economy has changed significantly, with autonomous sources taking the lead.

Speaking at the ongoing 38th FICAN conference held in Abuja, CBN Deputy Governor, Economic Policy, Dr. Muhammad Sani Abdullahi, disclosed that of the $10.82 billion in total inflows recorded in July 2026, $7.33 billion, or nearly 68 per cent, came from autonomous sources.

The breakdown showed that remittances through International Money Transfer Operators (IMTOs) reached $950 million that month while net foreign portfolio inflows totalled $6.31 billion in January to August 2026.

He explained that portfolio flows can reverse, but the broader improvement in supply has reduced the market’s reliance on direct CBN provision.
“Our external buffers are stronger. Gross reserves stood at US$55.60 billion on 11 September 2026, while the end-August stock provided 11.3 months of import cover,” he said.

Speaking on the theme: “Towards a Robust and Resilient Financial System in the Post-Banking Sector Recapitalisation”, he said 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.
Abdullahi, said 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.

He said stronger banks also provide greater capacity to absorb losses during economic stress and sustain investment in innovation and digital transformation.
“The environment in which these banks operate is increasingly interconnected. Geopolitical uncertainty, climate-related risks, cyber threats, and rapid technological change can transmit shocks across borders through financial trade and technology, affecting capital flows, exchange rates, and external governments. Resilience, therefore, requires institutions to anticipate emerging risks, absorb shocks, adapt, and recover. The lessons of past financial crises underlie the value of aggregate capital, but also the need to prepare for risks that may take unfamiliar forms,” he said.

According to him, capital is therefore the starting point.
“Boards and management must maintain sound controls, recognize risks early, and learn to identify viable projects. Sound corporate governance must underpin that growth. Boards and management teams must demonstrate integrity, accountability, and transparency. Strengthen internal controls and guard against excessive restating. Their decisions must protect the interests of depositors, investors, and other stakeholders,” he said.

He directed that risk management be extended beyond credit risk to the market, utility, and operational risks, as well as cybersecurity, third-party dependencies, and private-related financial risks.

He said the environment in which these banks operate is increasingly interconnected.
“Geopolitical uncertainty, climate-related risks, cyber threats and rapid technological change can transmit shocks across borders through financial, trade and technology channels, affecting capital flows, exchange rates and external buffers.

“Resilience therefore requires institutions to anticipate emerging risks, absorb shocks, adapt and recover. The lessons of past financial crises underline the value of adequate capital, but also the need to prepare for risks that may take unfamiliar forms,” he said.

Abdullahi said the CBN will continue to pay close attention to governance, asset quality, liquidity and large exposures. “We will also expect banks to protect customer data, maintain reliable payment services and recover quickly from disruptions. A stronger balance sheet must be matched by stronger management of risk.
“As more financial services move to digital channels, banks must invest continuously in cybersecurity, data protection, disaster recovery and business continuity. Innovation brings opportunities, but public trust depends on customers being able to transact securely and access their funds reliably, including when systems come under pressure,” he said.