Nigeria's FX Market Sees $2.80bn Inflow in August, Strong Local Participation
Nigeria's Foreign Exchange Market (NFEM) saw a total inflow of $2.80 billion in August, with local participation remaining strong despite a moderation in foreign investor activity. Data from FMDQ revealed that foreign inflow accounted for 38% ($1.06 billion) of the total, while domestic sources contributed 62% ($1.74 billion).
Analysts from Cordros Securities predict a continued firmness in foreign exchange inflow from both local and offshore sources in the near term. The total inflow in August decreased by 3% compared to July, with foreign inflow dropping to $1.06 billion due to weaker participation by Foreign Portfolio Investors (FPIs) and Foreign Direct Investments (FDIs).
This data reflects the evolving dynamics of Nigeria's FX market.
Plus234Feed summary based on reporting from This Day. Read the original report below.
Read full article
Continue on This Day
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Naira Appreciates As FX Inflows Improve, Analysts Send Warnings
Analysts: Nigeria’s Macro-economic Environment Favourable to Foreign Portfolio Investors
Nigeria’s FX Reserves Up 9.4% to $40.29bn, Highest Since January
Naira Strengthens as Dollar Falls, External Reserves Cross $40bn for First Time in Months
Nigeria Records $5.6bn Capital Inflows in Q1 2025 Amid CBN Reforms
Domestic Investors Dominate NGX Trades With N1.67trn In July
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
