Inflows into FX Market Declines by 25% to $1bn

Inflows into FX Market Declines by 25% to $1bn

Inflows into the Nigerian foreign exchange (FX) market declined by about 25.4% to $1 billion, according to data released by investment firms. This happened amidst aggressive US dollars sold to banks by the Central Bank of Nigeria (CBN) last week. 

The Central Bank increased its weekly FX sales to banks as the naira came under intense pressure on the back of surging demand for the US dollar. Total FX sales increased by $183.20 million on Friday, bringing the total FX sales for the week to $543.20 million, TrustBanc Financial Group Limited said in an update.

Also, data from Coronation Research showed that the Nigerian autonomous foreign exchange window recorded an inflow of US$1.0 billion compared to US$1.34 billion recorded in the prior week. 

The CBN accounted for 14.29% of the total inflow; foreign portfolio investors (FPIs) accounted for 18%. Other nonbank corporates contributed 35.55%, exporters 28.06%, while other sources accounted for 4.10%. #Inflows into FX Market Declines by 25% to $1bn Jaiz Bank Targets N8bn Profit for Q2 Operations