Nigeria’s foreign exchange market witnessed a sharp recovery in October, with total inflows rising by 62.2 per cent month on month to $5.15 billion, the highest level in five months, underscoring a gradual return of investor confidence and improved liquidity conditions.
Fresh data from FMDQ Exchange showed that the increase was driven largely by stronger participation from both foreign and domestic investors, supported by improving market sentiment and a more stable macroeconomic backdrop.
Foreign inflows accounted for 64.5 per cent of total transactions, climbing 89.7 per cent to $3.32 billion in October, September $1.75 billion.
The rebound was led by a sharp recovery in foreign portfolio investment (FPI) inflows, which grew 120.7 per cent month on month, alongside higher receipts from the other corporate segment +30.5 per cent. These gains helped offset a 25.5 per cent decline in foreign direct investment (FDI) inflows during the period.
Domestic inflows, which made up the remaining 35.5 per cent, expanded by 28.4 per cent, supported by a notable rise in individual contributions 370.6 per cent and higher flows from other corporates 30.8 per cent and exporters 7.2 per cent.
