Nigeria's Foreign Exchange Inflows Surge 62% to $5.15 Billion in October, Highest in 5 Months

Nigeria experienced a significant surge in foreign exchange inflows to $5.15 billion in October, marking a 62.2% increase month-on-month, the highest level in five months. The rise was attributed to a return of investor confidence and improved liquidity conditions.

Foreign inflows accounted for 64.5% of total transactions, climbing by 89.7% to $3.32 billion. Notably, foreign portfolio investment (FPI) inflow grew by 120.7%, while domestic inflows expanded by 35.5%.

Despite a decline in CBN inflows, the overall market sentiment improved. Analysts predict sustained robust inflows, surpassing the 2024 average level of $2.51 billion.