Foreign Investors Boost Nigeria's FX Inflows to $6.68bn

In August 2026, foreign investors injected a record $3.68 billion into Nigeria's foreign exchange market (NFEM), resulting in total inflows of $6.68 billion, the highest level in 16 months, according to data from FMDQ. This monthly inflow represents a 28.6% increase from July's $5.20 billion and is the strongest since April 2025.

Foreign inflows accounted for 55.1% of total NFEM proceeds in August, marking a 97.0% month-on-month increase from $1.87 billion in July. The rise was primarily driven by a 113.3% increase in foreign portfolio investment (FPI) and a 47.7% rise in inflows from foreign corporates, while foreign direct investment (FDI) fell by 80.7%.

Fixed-income instruments saw a 103.4% increase in FPI, and equity inflows surged by 438.9%. The influx of foreign capital has strengthened the naira, which reached N1,337/$1 in late August.

However, local inflows decreased by 9.9% month-on-month, reflecting a shift in the Central Bank of Nigeria's (CBN) approach to market interventions, as noted by CBN Governor Olayemi Cardoso.