Despite global trade uncertainties, inflows from local sources rose to a 22-month high, rising by 51 per cent month-on-month (m/m) to $3.11 billion), the latest report from Cordros Research revealed on Monday.
The figure represents an increase when compared to $2.06 billion recorded in February and was boosted by the Central Bank of Nigeria (+204.3 per cent), non-bank corporates (+26.7 per cent) and exporters/importers (+21.5 per cent) segments amid a decline in the inflows from individuals (-43.7 per cent) segment during the reporting period.
The report revealed that this came on the back of a 5.5 per cent decline in total inflows into Nigerian Foreign Exchange Market (NFEM).
It said, “Total inflows into the NFEM declined by 5.5 per cent m/m to $3.90 billion in March as against $4.13 billion recorded in February.
“We attribute the decline to the substantial decrease in inflows from foreign sources (20.2 per cent of total inflows), which dipped by 61.9 per cent m/m to $787.20 million (February: $2.07 billion) – the lowest level in six months – due to erosion of market confidence following global trade uncertainties.”
